Makkah Accord needs to be extended to include trade cooperation: KATI

KARACHI: President of the Korangi Association of Trade and Industry (KATI) Muhammad Ikram Rajput has said the Makkah Defence Pact could further strengthen strategic trust among the three countries, which should be translated into stronger economic and trade partnerships rather than being confined to defence cooperation alone.

Pakistan’s industrial and business community, he added, would strongly welcome joint ventures, investment projects and enhanced commercial linkages between the private sectors of the three countries.

Rajput stressed the need to remove barriers to bilateral trade, simplify customs and trade procedures, increase exchanges of business delegations and create a more conducive environment for investment to substantially increase trade volumes among Pakistan, Saudi Arabia and Türkiye.

He further called for greater emphasis on industrial cooperation and value addition, saying that closer collaboration could enable the three countries to strengthen their position in global supply chains.

The KATI president said Pakistan’s business community considered peace and stability in the region essential for sustainable economic growth. Alongside strong defence and lasting peace, enhanced economic cooperation could generate new opportunities for foreign investment, industrial activity, employment and exports in Pakistan.

He said a strong trilateral economic cooperation framework could be developed by combining Saudi Arabia’s investment resources, Türkiye’s industrial and technological capabilities, and Pakistan’s human resources, industrial base and large consumer market.

For this purpose, the private sector should be given a central role, while business-to-business linkages, joint ventures and investment projects should be accelerated, he added.

Rajput described the Makkah Defence Pact as a historic gift to the nation from the Prime Minister and Field Marshal on the occasion of Independence Day. He expressed hope that the agreement would evolve into a broader partnership covering trade, investment, technology, industry, energy and people-to-people contact among the three countries.

He said strong defence, lasting peace and a robust economy could together lay the foundation for a stable, sovereign and prosperous future for Pakistan, Saudi Arabia, Türkiye and the wider Muslim world.

He welcomed the Makkah Defence Pact between Pakistan, Saudi Arabia and Türkiye, congratulating the Prime Minister of Pakistan, the Field Marshal and the country’s leadership on the agreement.

He said the pact would not only strengthen the collective defence and security of the three countries but could also generate significant positive economic opportunities. The agreement, he said, should be viewed not as an arrangement directed against any country, but as a foundation for promoting joint defence, peace, security, stability and prosperity among Pakistan, Saudi Arabia and Türkiye.

He observed that in the era of fifth-generation warfare, conflicts were no longer fought solely through weapons or military strength but also on the economic and financial fronts. Pakistan had already demonstrated its military capability and established its defence strength before the world; therefore, he said, it is now time to make economic strength and development a national priority.

“If Pakistan, Saudi Arabia and Türkiye jointly prioritise trade, investment, industry, technology, energy and economic cooperation, this partnership can emerge as a powerful economic force at the international level,” he said.

The KATI president noted that the combined market size, resources, industrial capabilities and investment potential of the three countries offered vast opportunities for mutually beneficial economic cooperation.

Copyright Business Recorder, 2026