His Excellency the Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade, Dr. Majid bin Abdullah Al-Kassabi, confirmed that signing Free Trade Agreement between Gulf Cooperation Council countries and the brotherly Islamic Republic of Pakistan contributes to enhancing inter-regional trade, economic cooperation between GCC countries and Pakistan, and removing any impediments.
He stated that The signing of the Agreement comes within the framework of close historical relations and moves towards enhancing economic relations with Pakistan.
The Agreement aims to facilitate market access for both goods and services between GCC countries and Pakistan by eliminating and reducing customs duties on goods, services market access, and encouraging and protecting investments.
This Agreement contains 14 chapters; the most important are goods, services, investment, e-commerce, customs procedures, settlement of disputes, competition, trade remedies, intellectual property, and small and medium enterprises.
The Saudi negotiating team, headed by the General Authority of Foreign Trade, oversees and monitors trade negotiations to guarantee consistency with the trade objectives and policies of the Kingdom. In addition to participation in trade negotiations to include the Kingdom’s negotiating positions and in collaboration with countries in international trade.
The Free Trade Agreement between GCC countries and Pakistan was signed on Thursday, September 28, 2023, at the headquarters of the Secretariat General of Cooperation Council for the Arab States of the Gulf in Riyadh.