Islamabad, 03 Dec 2023: Pakistan and Saudi Arabia have reached a consensus on investment modalities, a critical step towards the ratification of a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC). This development comes after prolonged negotiations spanning 19 years.

According to Ministry of Information and Broadcasting, Caretaker Minister for Information and Broadcasting Murtaza Solangi announced this significant progress in a tweet. Solangi expressed optimism that the ratification of this agreement would mark the first trade and investment agreement between the GCC and Pakistan in the last 15 years.

Minister for Commerce and Industries Dr. Gojar Ijaz also shared insights via a social media post, highlighting his productive discussions in Saudi Arabia to finalize the investment-related part of the FTA. Dr. Ijaz expressed confidence that the agreement would bolster economic ties between Pakistan and the GCC, creating new opportunities for trade and investment.

This agreement signifies a major advancement in Pakistan’s foreign trade policy and its economic relations with the GCC countries, potentially opening up new avenues for regional economic collaboration and growth.