Pakistan, Saudi Arabia discuss early signing of GCC free trade deal
Commerce Minister Jam Kamal Khan met Saudi Ambassador Dr Rajeh Albugamy in Islamabad and raised an early Pakistan-GCC Free Trade Agreement. Both sides agreed to keep up regular follow-up on trade, investment and agriculture.
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- Pakistan and Saudi Arabia discussed early signing and implementation of the Pakistan-GCC Free Trade Agreement.
- Jam Kamal Khan met the newly appointed Saudi ambassador in Islamabad.
- Both sides agreed to maintain regular coordination on trade, investment and agricultural cooperation.
Pakistan and Saudi Arabia discussed the early signing and implementation of the proposed Pakistan-GCC Free Trade Agreement, according to a statement issued on Saturday.
The subject came up when Federal Commerce Minister Jam Kamal Khan met the newly appointed Saudi Ambassador, Dr Rajeh Albugamy, at his office in Islamabad. Talks covered bilateral trade, investment and economic cooperation.
The minister said the agreement would improve market access and boost bilateral trade. He described it as a key means of reaching new markets and expanding Pakistani exports.
Jam Kamal Khan said Saudi Arabia's Vision 2030 diversification drive and Pakistan's production capacity offer scope for greater economic integration. He said Pakistan's industrial and production capacity can help meet Saudi market needs, and that greater market access in Saudi Arabia for Pakistani products is a government priority.
He proposed cooperation on scaling up production, improving product quality to international standards, adopting modern technology and strengthening industrial competitiveness. According to the minister, this could help Pakistani businesses meet Saudi market requirements. He also stressed widening Pakistan's export base and building private-sector partnerships with Saudi Arabia.
The minister said the government had made sustained efforts over the past three years to expand government, business and public ties with Saudi Arabia.
The Saudi ambassador pledged continued support and full cooperation to strengthen bilateral economic relations, particularly in regional connectivity and agriculture. He expressed keen interest in agricultural cooperation and regional trade links, and committed to close engagement with the Ministry of Commerce.
Both sides agreed to maintain regular coordination and follow-up on trade, investment and agricultural cooperation. They also emphasised stronger links between their private sectors and joint work in industry, agriculture and production.
Why it matters
A faster GCC free trade agreement could open new export markets for Pakistani exporters, who would gain wider access to Saudi Arabia.
