'Pakistan, KSA reach consensus on investment modalities for ratification of FTA with GCC'

Islamabad: Pakistan and Saudi Arabia have reached consensus on investment modalities, paving the path for ratification of a free trade agreement with the Gulf Cooperation Council.                     

In a statement on social media platform X on Sunday, Caretaker Minister for Information and Broadcasting Murtaza Solangi said the agreement has been pending for the last 19 years.

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…

— Murtaza Solangi (@murtazasolangi) December 3, 2023

He expressed the hope that if approved, this will mark the first trade and investment agreement that the GCC enters into with Pakistan in the past 15 years.

Meanwhile, Minister for Commerce and Industries Dr Gojar Ijaz in a social media post on X said he had productive discussions in Saudi Arabia towards finalizing the investment-related part of Gulf Cooperation Council Free Trade Agreement.

He expressed the confidence that agreement will strengthen economic ties between Pakistan and GCC fostering new opportunities for trade and investment.