Saudi envoy evaluates progress in Free Trade Agreement with Pakistan
Published on: December 11, 2023.
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Saudi Commercial Attaché in Pakistan, Mubasher bin Abdullah Al-Shohri, announced on Sunday that officials from Saudi Arabia were evaluating the progress of the initial Free Trade Agreement (FTA) with Pakistan. This FTA, reached on September 28, aims to boost trade between the two nations. The legal committee responsible for overseeing the agreement is currently reviewing various issues, and once this is complete, they will develop a comprehensive action plan for the next phase.
Al-Shohri explained that the third phase of the agreement will focus on addressing legal matters and ensuring their organization and implementation. Specialized institutions in both countries are assessing the opportunities and facilities available to them, with the aim of increasing bilateral trade. The trade volume between Saudi Arabia and Pakistan has already reached $16.3 billion between September 2020 and 2023, which inspires optimism for achieving their trade goals.
The commercial department at the Saudi Embassy has been collaborating with relevant institutions to identify significant opportunities and promote bilateral trade. Pakistan currently exports meat, vegetables, fruits, and rice to Saudi Arabia. Both countries are also seeking to expand cooperation in energy, technology, and information technology. Additionally, Saudi Arabia plans to introduce more companies into the Pakistani market in the future.
Al-Shohri highlighted the importance of economic corridors, particularly in the context of the China-Pakistan Economic Corridor (CPEC). These corridors not only facilitate trade but also promote more effective aid activities and contribute to societal development and global trade enhancement.
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