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Saudi-Pakistani Business Forum Aims for Stronger Economic Ties, More Trade

The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
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Saudi-Pakistani Business Forum Aims for Stronger Economic Ties, More Trade

The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA

The Saudi-Pakistani Business Forum kicked off on Wednesday in Riyadh under the patronage of Minister of Commerce Dr. Majid Al-Qasabi.

Organized by the Federation of Saudi Chambers and attended by key players from both countries, the forum highlighted the growing importance of private sector collaboration in unlocking further trade potential.

On behalf of the Commerce Minister, Acting Deputy Governor of the General Authority of Foreign Trade's Deputyship of Private Sector Affairs and Global Presence Fawaz bin Rafaah underscored the crucial role of private businesses in expanding trade ties.

He pointed to the Kingdom's position as Pakistan's fourth largest trading partner and lauded the efforts made to approve the signing of the Free Trade Agreement between the GCC states and Pakistan, emphasizing its potential to strengthen economic bonds.

Pakistani Federal Minister for Commerce, Industries & Investment Dr. Gohar Ejaz highlighted the Free Trade Agreement's ability to create new opportunities for investors. He noted the agreement's role in safeguarding Saudi and Gulf investments and expressed Pakistan's keenness to leverage Vision 2030 projects as a catalyst for deeper collaboration.

Ejaz further outlined Pakistan's ambitious goal of reaching $20 billion in trade exchange with Saudi Arabia, emphasizing the need for enhanced business environments and private sector engagement. He underscored Pakistan's potential as a major market for Saudi investors.

Federation of Saudi Chambers Chairman Hassan Al-Huwaizi affirmed the forum's focus on boosting investment and trade partnerships between the two countries. He showcased the positive trajectory of bilateral trade, exceeding $5.7 billion, and Pakistan's growing position as a key trading partner for the Kingdom. He envisioned broader collaboration opportunities within the framework of Vision 2030 projects.

Chairman of the Saudi-Pakistani Business Council Eng. Fahd Al-Bash outlined ongoing initiatives that have been jointly developed by investors from both countries.

The initiatives encompassed a dedicated portal for Pakistani rice importers, a technology center in Riyadh, a halal meat center in Makkah, a market for Pakistani products within the Kingdom, and joint petrochemical ventures catering to the Pakistani market.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.