Pakistan signs free trade deal with GCC

Islamabad: Pakistan and Gulf Cooperation Council (GCC) “initialized” a free trade agreement, the GCC said on messaging platform X on Friday.

معالي الأمين العام لـ #مجلس_التعاون : اتفاقية الأحرف الأولى للتجارة الحرة بين #مجلس_التعاون وجمهورية #باكستان الإسلامية تأتي إدراكًا من دول المجلس بأهمية تعزيز العلاقات التجارية والتعاون الاقتصادي مع الدول والتكتلات الدولية.https://t.co/jojaKJRJkk#مجلس_التعاون#باكستان pic.twitter.com/H6C4g0F0CS

— مجلس التعاون (@GCCSG) September 28, 2023

GCC Secretary-General Jasem al-Budaiwi and Pakistani Trade Minister Gohar Ejaz both signed the deal.

According to Al Budaiwi, the historic economic pact marks a "important turning point" in bilateral relations and will advance both parties' interests by fostering growth and prosperity.

Al Budaiwi also emphasized that the GCC is making progress on the issue of free trade with other nations, according to the statement.

The two leaders said that the deal would increase trade between Pakistan and the Arab nations.

It is important to note that although Pakistan and the GCC signed a framework agreement to talk about the free trade agreement in August 2004, there were only a few rounds of negotiations.

The talks between both sides started again in 2021.