In a landmark development, Pakistan and the Gulf Cooperation Council (GCC) have taken a significant step toward a free trade agreement, as confirmed by the GCC via a statement on the messaging platform X.
The agreement was formally “initialized” and was officially signed by GCC Secretary-General Jasem al-Budaiwi and Pakistani Trade Minister Gohar Ejaz.
Jasem al-Budaiwi, the Secretary-General of the GCC, hailed this economic agreement as an “important turning point” in their cooperation. He emphasized that it holds the potential to foster growth and prosperity, serving the mutual interests of both Pakistan and the GCC member states. The GCC’s statement highlighted the historic nature of this economic cooperation.
Al-Budaiwi further underscored the GCC’s commitment to advancing the cause of free trade with other countries, reaffirming their dedication to expanding economic ties and cooperation on a global scale.
Both leaders, representing Pakistan and the GCC, expressed their optimism regarding the positive impact of this agreement on trade activities between Pakistan and the Arab nations.
It’s worth noting that discussions regarding a free trade pact between Pakistan and the GCC have been ongoing for an extended period. A framework agreement was initially signed in August 2004 to initiate talks on the matter. However, only a limited number of negotiation rounds took place at that time.
In 2021, the two sides resumed negotiations, signifying a renewed commitment to explore the potential benefits of a free trade agreement. This latest development reflects their dedication to fostering closer economic ties and promoting trade between Pakistan and the Gulf Cooperation Council.
