The Gulf Cooperation Council (GCC) and Islamic Republic of Pakistan have officially signed the preliminary free trade agreement (FTA).
Mr. Jasem Mohamed AlBudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), said that the preliminary FTA between the GCC and Pakistan is a recognition of the importance of strengthening trade relations and economic cooperation with countries and international blocs.
The statement was made during the signing ceremony of the preliminary FTA, which was held at the headquarters of the General Secretariat in Riyadh.
The agreement was signed by Mr. AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
The GCC Secretary-General also noted that this historic economic agreement represents an important turning point in cooperation and would contribute to growth and prosperity in a way that serves the common interests of both sides.
Mr. AlBudaiwi stressed that the GCC countries are proceeding with free-trade negotiations with other countries, aiming to open and enhance the prospects for trade and economic cooperation for the council member states regionally and internationally.
In March 2023, UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi explored ways to enhance trade and investment cooperation in areas of mutual interest with Mr. Syed Naveed Qamar, Federal Minister for Commerce in Pakistan.