ISLAMABAD: Islamabad and Riyadh on Sunday reached a consensus on investment modalities, paving the way for ratification of a free trade agreement with Gulf Cooperation Council (GCC).

Caretaker information minister Murtaza Solangi who is in Saudi Arabia, in a message on X, said that the agreement with GCC, a regional, intergovernmental, political, and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, had been pending for the last 19 years.

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

BIT template issue settled: Crucial FTA with GCC finalised

A day ago, the caretaker minister for trade and industries Gohar Ijaz had also said that he held productive discussions in Saudi Arabia towards finalizing the investment-related part of GCC Free Trade Agreement.

He expressed the confidence that agreement would strengthen economic relations between Pakistan and GCC, fostering new opportunities for trade and investment.

Copyright Business Recorder, 2023