GCC and Pakistan sign free trade agreement

The GCC Secretary General says the council is working on similar agreements with other countries

GCC Secretary General Jasem Al Budaiwi said the free trade deal with Pakistan is a 'historic economic agreement'. Reuters

The Gulf Co-operation Council and Pakistan have signed a free trade agreement, the GCC said on Thursday.

The agreement was signed by GCC Secretary General Jasem Al Budaiwi and Pakistani trade minister Gohar Ejaz.

Mr Al Budaiwi said the preliminary agreement recognises the importance of strengthening trade relations and economic co-operation with countries and international blocs.

The statement was made during the signing ceremony on Thursday at the headquarters of the General Secretariat in Riyadh.

Mr Al Budaiwi called the deal a “historic economic agreement” and said it represented a “turning point in co-operation”.

The agreement would “contribute to the growth and prosperity in a way that serves the common interests of both sides”, he said.

GCC countries are proceeding with free trade negotiations with other countries, Mr Al Budaiwi said, in an attempt to open and enhance the prospects for trade and economic co-operation for the council member states regionally and internationally.