Pakistan, Saudi Arabia reach ‘consensus’ on investment modalities
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Federal Caretaker Minister for Information, Broadcasting and Parliamentary Affairs Mumtaz Solangi has said that Pakistan and Saudi Arabia have reached closer to seal a much-awaited free trade agreement with the Gulf Cooperation Council, a development that has been pending for the last 19 years, reported 24NewsHD TV channel.
The information minister shared a post on social media platform X (formerly known as Twitter) heralding that “Pakistan and Saudi Arabia have reached a consensus on the investment modalities, paving the path for the ratification of a much-awaited free trade agreement with the Gulf Cooperation Council, a development that has been pending for the last 19 years.
“If approved, this will mark the first trade and investment agreement that the GCC has entered into with any country in the past 15 years.”
https://twitter.com/murtazasolangi/status/1731192410720608650
On Sunday, Commerce and Industries Minister Dr. Gohar Ejaz led an official delegation in Saudi Arabia comprising Secretaries of the Ministry of Commerce and Board of Investment (BOI) and officials from the Attorney General’s Office.
He held parleys with the GCC’s Chief Negotiator to finalize the investment-related part of the GCC Free Trade Agreement (FTA).
The technical teams from the two sides held extensive discussions on the remaining details of the investment chapter, including investment protection and facilitation.
They also discussed the potential impact of the FTA on bilateral trade and investment flows. “This is a major step forward in our efforts to strengthen economic ties between Pakistan and the GCC.” said Ejaz.
He said the investment chapter is an important part of the agreement, and we are confident that we can reach an agreement soon.
The GCC FTA is expected to boost trade and investment between Pakistan and the GCC.
The agreement is also expected to create new jobs and opportunities for businesses in both regions.
The two sides also discussed the possibility of holding a joint business forum shortly and to promote trade and investment between Pakistan and the GCC.
https://twitter.com/Gohar_Ejaz1/status/1730883345368875362