Gulf Cooperation Council (GCC) and Pakistan initialized a free trade agreement, the GCC said on messaging platform X on Thursday.
The agreement was signed by GCC Secretary-General Jasem al-Budaiwi and Pakistani trade minister Gohar Ejaz.
Al-Budaiwi stated that the preliminary free trade agreement (FTA) between the GCC and Pakistan comes in recognition of the importance of strengthening trade relations and economic cooperation with countries and international blocs, SPA reported.
The statement came during the signing ceremony of the preliminary FTA between the council and Pakistan, with the agreement being signed by both the GCC Secretary General and Pakistani Commerce Minister, Dr. Gohar Ejaz, on Thursday at the headquarters of the General Secretariat in Riyadh.
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, as it emphasizes the vital importance of close cooperation between countries to strengthen economic relations.
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.
He also voiced his thanks and appreciation to the GCC negotiating teams and the General Secretariat for their efforts and dedication during the negotiation process.