AVN Report
ISLAMABAD: In a significant development on the economic front, Pakistan has successfully concluded a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC), announces the commerce ministry.
Federal Minister for Commerce, Dr Gohar Ejaz and the GCC secretary general formalised the Pakistan-GCC FTA (PAK-GCC FTA) through a joint statement signing ceremony in Riyadh, Saudi Arabia.
These negotiations between the two sides had been ongoing for an extended period, culminating in the final round held at the GCC headquarters in Riyadh from September 26 to 28, 2023. This represents the GCC’s first FTA with any country since 2009, marking it a milestone in the economic collaboration between the two entities.
Dr Ejaz, highlighting the importance of this achievement, said Pakistan maintains excellent relations with all GCC countries, and this FTA will ensure that our economic ties reflect the strength of these relationships.
The joint statement was formally endorsed by Mr Ejaz and GCC’s Secretary General H E Jasem Mohamed Albudaiwi. The statement emphasised the mutual anticipation of a swift process for the signing, ratification, and implementation of the agreement, heralding a new era in economic relations between Pakistan and the GCC.
The next steps will involve internal administrative procedures and approvals, paving the way for the formal signing and eventual enforcement of this groundbreaking agreement.
