ISLAMABAD – Pakistan and the GCC countries remained engaged in trade, with a focus on oil and gas, and now Pakistan discussed ways for ratification of the free trade agreement with the Gulf Cooperation Council.
The interim Caretaker Commerce Minister Gohar Ejaz arrived in the Kingdom of Saudi Arabia to finalise the investment-related chapter of the proposed free trade agreement (FTA).
As Pakistan is closer to clinch deal, the development is expected boost trade between both sides as it was pending for over a decade.
The country’s information minister called it a major step forward in Islamabad’s efforts to strengthen economic ties with the Gulf states. He termed investment an important part of the agreement and expressed confidence that it would be reached soon.
The free trade pact is touted to give a big boost to trade and investment and will create new jobs and opportunities for businesses, he added.
Earlier this year, the South Asian nation agreed on Free Trade Agreement with the Gulf Cooperation Council however, the signing of the agreement was delayed as Riyadh demanded to incorporate an investment chapter into agreement.
Islamabad currently holds international negotiation agreements, including the ICSID, with four other GCC nations. The investment chapter will now apply to investments with KSA and Doha.
Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).
In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.
Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.
UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.
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