Pakistan and the General of the Gulf Cooperation Council (GCC) have signed a preliminary free trade agreement (FTA) as the countries look to strengthen economic ties.
Jasem Mohamed Al Budaiwi, Secretary-General of the GCC, said that the preliminary FTA is a recognition of the importance of strengthening trade relations and economic cooperation with countries and international blocs.
The statement was made during the signing ceremony of the preliminary FTA between the GCC and Pakistan, which was held on Thursday at the headquarters of the General Secretariat in Riyadh.
Pakistan-GCC trade deal
The agreement was signed by GCC Secretary-General Al Budaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
The GCC Secretary-General also noted that this historic economic agreement represents an important turning point in cooperation and would contribute to growth and prosperity in a way that serves the common interests of both sides.
Al Budaiwi stressed that the GCC countries are proceeding with free-trade negotiations with other countries, aiming to open and enhance the prospects for trade and economic cooperation for the council member states regionally and internationally.