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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

Comments

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Love Your Country Dec 04, 2023 08:35am
No details, only general comments. Is this informative reporting and how useful is it?
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ahmad faraz Dec 04, 2023 01:02pm
@Love Your Country , we will know the repercussions after 10-15 years when maximum returns from investments will flow out from country and that too in dollar
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Syed Iqbal Mehdi Dec 04, 2023 02:46pm
The federal government's decisions regarding hydropower projects in Pakistan demonstrate a commitment to transparency and public value creation. Positive aspects include the formulation of guidelines for the issuance of Letters of Interest (LoIs), the proactive review and streamlining of hydropower projects, emphasis on quality oversight in construction, reassessment of criteria under the Integrated Generation Capacity Expansion Plan (IGCEP), establishment of oversight committees, and collaboration with provincial governments. These actions collectively indicate a comprehensive and systematic approach to addressing challenges in the hydropower sector and promoting responsible and transparent development.
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Malik asad Dec 04, 2023 08:46pm
@Syed Iqbal Mehdi, The answer is....FWO....NLC ...only ....as no one can compete them ....shut down competitive councils and bla bla bla ....
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Munawar Dec 04, 2023 09:05pm
If Pakistan becomes successful boosting up trade with Saudi Arabia then it will definitely help country in overcome it's deep-seated economic challenges. The country is in dire need to attract foreign investment and alternative sources of trade. Saudi Arabia can be a game changer for Pakistan
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Munawar Dec 04, 2023 09:06pm
If Pakistan becomes successful boosting up trade with Saudi Arabia then it will definitely help country in overcome it's deep-seated economic challenges. The country is in dire need to attract foreign investment and alternative sources of trade. Saudi Arabia can be a game changer for Pakistan
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Javaid Khan Dec 04, 2023 11:30pm
@Munawar , Unluckily since the the last 3 months we we have no elected government. The caretaker government is just to run the daily business and conduct free and fair polls as per the SC schedule. Nobody can trust the caretakers as they don't have public mandate.
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