ISLAMABAD: Bahrain has pledged to accelerate the approval of the proposed free trade agreement between Pakistan and the Gulf Cooperation Council (GCC), giving fresh momentum to efforts aimed at expanding trade and investment ties.
The development came during the third session of the Pakistan-Bahrain Joint Ministerial Commission (JMC) in Islamabad, co-chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar and Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani.
Al Zayani said Bahrain, which currently holds the GCC presidency, was working to “speed up” the signing or approval of the GCC-Pakistan Free Trade Agreement. Pakistan and the GCC concluded negotiations on the proposed agreement in September 2023, but the pact has yet to be formally signed and implemented.
Dar said the agreement was close to completion and indicated that only one GCC member may still need to provide its approval. He said the GCC secretary-general had informed him during a meeting in New York that the agreement was almost ready for signing.
The agreement is expected to create greater opportunities for trade and investment between Pakistan and the six GCC economies. The Gulf states are important partners for Pakistan because of their role in trade, employment, investment and remittances.
During the JMC session, Pakistan and Bahrain also agreed to establish a joint working group on trade and investment. A separate working group on energy is scheduled to meet next month to discuss cooperation in oil, gas and minerals.
The two countries also agreed to strengthen cooperation in food security, information technology, law enforcement, media, labour mobility, healthcare, education, culture and sports.
Dar said Pakistan and Bahrain were committed to increasing bilateral trade to $1 billion within three years. He stressed the importance of stronger business-to-business engagement alongside government initiatives to increase exports, imports and investment.
The ministers also discussed regional developments, including security concerns affecting the Strait of Hormuz and Bab al-Mandab. Both sides emphasised the importance of maintaining freedom and safety of navigation through the strategically important waterways.
The Bahraini foreign minister described relations with Pakistan as strong and consistent and praised Islamabad’s diplomatic efforts to promote regional dialogue and de-escalation.
The latest discussions are expected to strengthen economic ties between Pakistan and Bahrain while providing additional momentum toward finalising the broader GCC-Pakistan trade agreement.
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