Pakistan, Saudi Arabia agree to launch Economic Cooperation Framework

Pakistan and Saudi Arabia have agreed to launch an Economic Cooperation Framework between the two countries.

In a joint statement with Saudi Arabia issued on Tuesday, Pakistan Prime Minister’s Office (PMO) said the agreement was made between Prime Minister Shehbaz Sharif and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.

“This framework is based on the two countries’ shared economic interests and reaffirms their mutual desire to strengthen trade and investment relations to serve their common interests,” the statement said.

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As part of the framework, according to the PMO, multiple strategic and high-impact projects will be discussed in the economic, trade, investment, and development fields that “will contribute to strengthening cooperation between the two governments”.

“It will also enhance the pivotal role of the private sector and increase trade exchange between the two countries.

“Priority sectors include energy, industry, mining, information technology, tourism, agriculture, and food security,” read the statement.

The PMO further said both countries were studying different joint economic projects, including signing a memorandum of understanding (MoU) for the electricity interconnection project between the Kingdom and Pakistan, in addition to signing an MoU for cooperation in the field of energy between the two nations.

“This framework represents an extension of both countries’ efforts to strengthen their fraternal relations and reaffirms their shared vision toward building a sustainable partnership across various economic, trade, and investment fields in a manner that fulfils the aspirations of their leadership and the brotherly peoples of both nations, and serves their mutual interests,” the PMO said.

“The leaders of the two countries also look forward to convening the meeting of the Saudi Pakistani Supreme Coordination Council.”

The agreement comes amid PM Shehbaz’s visit to the kingdom to attend the Ninth Future Investment Initiative (FII9).

The FII9 has convened global leaders, investors, policymakers, and innovators to explore the theme ‘The Key to Prosperity: Unlocking New Frontiers of Growth’.