RIYADH — In a significant move toward bolstering economic ties, the Gulf Cooperation Council (GCC) and Pakistan signed a preliminary free trade agreement (FTA) on Thursday. Jasem AlBudaiwi, Secretary-General of the GCC, announced the signing of the preliminary FTA. He underscored GCC's commitment to strengthening trade relations not only with Pakistan but also with other nations and international blocs. The signing ceremony took place at the GCC General Secretariat in Riyadh. On behalf of the GCC, AlBudaiwi signed the agreement while Commerce Minister Dr. Gohar Ejaz represented Pakistan. This crucial agreement demonstrates the dedication of both parties to fostering economic collaboration. AlBudaiwi, in his statement, emphasized the historic significance of the economic agreement, considering it a pivotal moment in cooperation. He expressed confidence that the FTA would pave the way for growth and prosperity, aligning with the common interests of both the GCC and Pakistan. Highlighting the forward-looking approach of GCC nations, AlBudaiwi confirmed ongoing free-trade negotiations with various countries. The overarching goal is to unlock new opportunities and strengthen economic cooperation, benefiting the member states of the council on both regional and global fronts. Saudi Commerce Minister and Chairman of the General Authority for Foreign Trade Dr. Majid Al-Qasabi affirmed that the preliminary free trade agreement would contribute to enhancing bilateral trade and economic cooperation between the Gulf countries and Pakistan. The agreement aims to eliminate obstacles and facilitate the flow of goods and services, he added. Al-Qasabi stressed that the signing of the agreement was part of the close historical relations and would further advance economic ties with Pakistan. The agreement seeks to facilitate the flow of goods and services between the GCC countries and Pakistan by eliminating and reducing customs duties on goods, opening the market for service access, and encouraging and protecting investments. The agreement comprises 14 chapters, including Goods, Services, Investment, E-commerce, Customs Procedures, Dispute Settlement, Competition, Trade Remedies, Intellectual Property, and Small and Medium Enterprises. The Saudi negotiating team, led by the General Authority for Foreign Trade, is actively supervising and monitoring the progress of trade negotiations to ensure their alignment with the Kingdom's trade objectives. The team participated in trade negotiations to incorporate the Kingdom's negotiating positions, coordinating with countries with similar or comparable trade interests in the international arena.
