GCC and Pakistan signs free trade agreement

Jasem Mohamed AlBudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), said that the preliminary free trade agreement (FTA) between the GCC and Pakistan is a recognition of the importance of strengthening trade relations and economic cooperation with countries and international blocs.

The statement was made during the signing ceremony of the preliminary FTA between the GCC and Pakistan, which was held on Thursday at the headquarters of the General Secretariat in Riyadh. The agreement was signed by GCC Secretary-General AlBudaiwi and Pakistani Commerce Minister Dr Gohar Ejaz.

The GCC Secretary-General also noted that this historic economic agreement represents an important turning point in cooperation and would contribute to growth and prosperity in a way that serves the common interests of both sides.

AlBudaiwi stressed that the GCC countries are proceeding with free-trade negotiations with other countries, aiming to open and enhance the prospects for trade and economic cooperation for the council member states regionally and internationally.

GCC Secretary-General Jassim Al-Budaiwi affirmed recently the importance of the free trade agreement between GCC countries and Pakistan in serving their economic and commercial interests.

This came during a phone call between Al-Budaiwi and Pakistani Minister of Foreign Affairs Jalil Abbas Jilani, in which both sides discussed the free trade agreement and ways of enhancing cooperation on all levels, the General Secretariat said in a statement.

Both sides showed interest in moving forward in the negotiations in preparation signing it in the upcoming period, it added.