Pakistan and the Gulf Cooperation Council (GCC) have concluded the final round of negotiations on the Pakistan-GCC FTA (PAK-GCC FTA) at Riyadh, Saudi Arabia.
Pakistan and the GCC finalised the Free Trade Agreement, according to a press release issued here on Friday.
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.
The final round was held from September 26-28 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.
Speaking on the occasion, Dr. Gohar Ejaz said that Pakistan has excellent relations with all the countries of the GCC and this FTA will ensure that our economic ties are commensurate with these relations.
On the occasion of the successful conclusion and finalization of the FTA negotiations, a joint statement was signed by Pakistan’s Federal Minister for Commerce and Industry, Dr. 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 our parties” the statement reads.
This will now be followed by an internal administrative and approval process before signing and entry into force of the agreement.