The Saudi Commercial Attaché in Pakistan, Mubasher bin Abdullah Al-Shohri, announced on Sunday that Saudi officials were evaluating the progress of the initial Free Trade Agreement (FTA) aimed at boosting trade with Pakistan.
After the initial trade agreement was reached in Riyadh on September 28, involving Gulf Cooperation Council member countries and Pakistan, a legal committee is currently reviewing various issues, with plans to formulate a comprehensive action plan for the third phase.
Al-Shohri explained that the third phase would specifically focus on legal matters, ensuring their organization and subsequent implementation. He highlighted the presence of specialized institutions facilitating trade exchanges between Saudi Arabia and Pakistan, assessing opportunities and facilities in both countries to strategically enhance bilateral trade volume.
The Saudi commercial attaché noted that the trade volume between Saudi Arabia and Pakistan had risen to $16.3 billion from September 2020 to 2023, expressing optimism about achieving goals in this regard. The commercial department at the Saudi Embassy collaborated with relevant institutions to identify significant opportunities and promote bilateral trade with Pakistan.
He mentioned that Pakistan currently exports meat, vegetables, fruits, and rice to Saudi Arabia, and both countries were working to expand cooperation in energy, technology, and information technology. Additionally, plans were underway for more Saudi companies to enter the Pakistani market in the future.
Addressing the China-Pakistan Economic Corridor (CPEC), the Saudi commercial attaché underscored the importance of economic corridors for societal development and global trade enhancement. He emphasized that economic corridors not only facilitated trade but also provided avenues for more effective aid activities.
