GCC trade pact must translate into export growth: BMP chief

LAHORE: Chairman FPCCI’s Businessmen Panel (BMP) Mian Anjum Nisar has said that Pakistan must adopt a result-oriented export strategy to fully exploit the proposed Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC), as diplomatic relations and political commitments alone cannot strengthen the economy without a substantial increase in exports.

Reacting to renewed government efforts to expedite the agreement, he said Pakistan must translate its longstanding relations with Saudi Arabia and other Gulf countries into concrete trade, investment and industrial opportunities.

According to him, Pakistan had considerable export potential in textiles, garments, leather, surgical instruments, sports goods, pharmaceuticals, engineering products, processed food and agricultural commodities, but high production costs, inconsistent policies and weak marketing networks were restricting access to Gulf markets.

Anjum Nisar said Saudi Arabia’s Vision 2030 offered significant opportunities for Pakistani businesses in manufacturing, food processing, engineering, logistics and construction-related industries. He stressed the need to promote joint ventures, technology transfer and industrial partnerships rather than relying solely on conventional trade.

BMP chief urged the government to consult chambers and trade associations while formulating the agreement and address structural constraints, including high energy tariffs, expensive financing, heavy taxation and rising logistics costs. He emphasised that SMEs should also receive financial and technical support to improve their export capacity and access international markets.

Copyright Business Recorder, 2026