The Gulf Cooperation Council (GCC) and Pakistan have “initialized” a free trade deal, according to the GCC through messaging platform X.
GCC Secretary-General Jasem al-Budaiwi and Pakistani Trade Minister Gohar Ejaz signed the deal.
According to Al Budaiwi, the historic economic deal represents an “important turning point” in collaboration and will contribute to growth and prosperity in a way that meets both sides’ mutual interests, according to a GCC statement.
According to the statement, Al Budaiwi also stated that the GCC is going forward with the file of free trade with other countries.
The two leaders stated that the deal would increase commerce between Pakistan and the Arab countries.
It is worth noting that Pakistan and the GCC signed a framework agreement in August 2004 to negotiate the free trade deal, but only a few rounds of discussions were conducted.
The two parties restarted talks in 2021.
