Thursday
13 June | 2024

Lahore, Pakistan

‘Saudi Arabia assessing advancements in FTA to enhance trade with Pakistan’

Saudi Commercial Attaché Mubasher bin Abdullah says more Saudi companies ready to enter Pakistan in future, as kingdom’s key companies are actively operating in this South Asian country

Saudi Arabian Commercial Attaché in Pakistan Mubasher bin Abdullah Al-Shohri has confirmed  that more Saudi companies to enter the Pakistani market in the future, as kingdom’s key companies, including SABK, TAWAL, and Saudi Pak Industrial and Agricultural Investment Company, were actively operating in this South Asian country.

In a media talk in Islamabad, he said that the Saudi officials were currently assessing advancements in the initial Free Trade Agreement (FTA) aimed at enhancing trade with Pakistan, with the anticipated commencement of the third phase in the near future. A legal committee is meticulously scrutinizing progress on various issues following the initial trade agreement reached in Riyadh in September, involving Pakistan and the Gulf countries.

Mubasher bin Abdullah says commercial department at Saudi Embassy working to promote bilateral trade with Pakistan

The Saudi commercial attaché said the legal committee, upon the completion of this review, would formulate a comprehensive action plan, paving the way for the initiation of the third phase. He said that this phase would specifically address legal matters, ensuring their organization and subsequent implementation. He highlighted presence of specialized institutions facilitating trade exchanges between the two nations.

He said that these entities meticulously were assessing opportunities and facilities offered by both the countries, strategically leveraging them to augment the volume of bilateral trade. He said that the trade volume between Pakistan and Saudi Arabia had surged to $16.3 billion from September 2020 to 2023, underscoring the trust and cooperation between the two countries. He said that both sides were actively engaged in concerted efforts to double this figure, aiming to elevate trade.

Mubasher bin Abdullah Al-Shohri said that the commercial department at the Saudi Embassy worked together with the cooperation of the relevant institutions in order to identify significant opportunities and promote bilateral trade with Pakistan. At present, he said that Pakistan exported meat, vegetables, fruits and rice to Saudi Arabia in large quantities, while both the countries were working to increase cooperation in fields of energy, technology and information technology.

Discussing the China-Pakistan Economic Corridor (CPEC), the Saudi diplomat emphasized the paramount importance of economic corridors for societal development and the enhancement of global trade. He said that economic corridors not only facilitated trade but also provided avenues for more effective aid activities. He said that Saudi Arabia consistently seized opportunities crucial to development paths, irrespective of their geographical location.

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