In a major development, Pakistan has finalised a free trade agreement (FTA) with the Gulf Cooperation Council (GCC), the Ministry of Commerce stated on Friday.

The ministry shared the development in a post on X, formerly Twitter.

Federal Minister for Commerce, Dr Ejaz, and Secretary General GCC signed the joint statement of the Pakistan-GCC FTA (PAK-GCC FTA) in Riyadh, Saudi Arabia, state-run APP reported.

The two sides had been in talks for a long time and the final round was held from September 26-28, 2023 at the GCC Headquarters, Riyadh.

This is a significant development as the FTA is the first by GCC with any country since 2009 and marks a milestone in both sides’ economic cooperation.

“Pakistan has excellent relations with all the countries of the GCC and the FTA will ensure that our economic ties are commensurate with these relations,” Ejaz said while speaking on the occasion.

A joint statement was signed by Gohar Ejaz and the Secretary General of GCC, H.E. Jasem Mohamed Albudaiwi.

“Both parties looked forward to the expeditious signing, ratification, and implementation of the agreement, which will mark a new chapter in the economic relations between the two countries,” the statement read.

This will now be followed by an internal administrative and approval process before signing and entry into force of the agreement.