Research and Policy Division of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested that Pakistan and Saudi Arabia should sign bilateral investment treaty in view of removal of complex investment procedures and to avoid taxation complications. This suggestion has been made in a report prepared by research and policy division of FPCCI on the Economic and Trade Relations between Pakistan and Saudi Arabia, the report also suggested activation of Joint Business Council of both countries and holding of business people to people contact, formulation of trade delegations and participation in trade fairs.
The Trade Mission of both nations should also play their due role in enhancement of bilateral trade. The report also suggests signing of an agreement with Saudi Arabia related to exchange of skilled workers and promotion of tourism as the process of economic development in Saudi Arabia is going on which indicates an increasing demand of skilled labour force in Saudi Arabia.
The report indicates that Saudi Arabia is an important country for Pakistan and both countries enjoy geographical proximity, historical relations and religious affinity. Bilateral trade between both nations is below potential and stands at US$3.5 billion. Pakistan mainly imports petroleum products, plastic goods, organic chemical and fertiliser from Saudi Arabia and exports cereals, meat, textile, beverages, edible fruit and vegetable to Saudi Arabia, the report stated.
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