MUSCAT, OCT 9
A preliminary Free Trade Agreement (FTA) signed late last month by the Gulf Cooperation Council (GCC) and the Islamic Republic of Pakistan will provide strong impetus to enhanced trade ties between the two sides, with beneficial implications for the Sultanate of Oman.
Dr Saleh bin Said Masan (pictured), Commerce and Industry Under-Secretary of the Ministry of Commerce, Industry, and Investment Promotion, who is leading the Omani negotiating team, emphasizsed that the agreement's signing would promote bilateral trade and economic cooperation between the Gulf states and Pakistan.
The agreement is expected to play a crucial role in dismantling trade barriers and opening foreign markets for exporters from GCC member states, he noted in a media statement.
Dr Saleh said this pact aims to strengthen economic and trade cooperation between the GCC member states and Pakistan, with a focus on easing the flow of goods and services through the reduction and elimination of customs duties.
GCC and Pakistan have taken a significant step toward fostering international trade and economic cooperation by signing a preliminary agreement for a free trade deal. The agreement seeks to facilitate the movement of goods and services between the member states of the GCC and Pakistan by reducing and eventually eliminating customs duties on various goods. Additionally, it aims to create an environment conducive to service access, encourage and safeguard investments, and promote economic cooperation between the GCC and Pakistan.
The comprehensive agreement covers a range of essential areas, including trade in goods, services, investment, e-commerce, customs procedures, dispute resolution, competition, trade remedies, intellectual property rights, and support for small and medium-sized enterprises.
The signing ceremony took place in Riyadh on September 29, 2023 under the auspices of Shaikh Jasim al Budaiwi, the Secretary-General of the Gulf Cooperation Council for the Arab States of the Gulf, representing the GCC, and Pakistan's Minister of Commerce, Jawhar Ijaz, representing Pakistan.
Al Budaiwi underscored the historic significance of the economic agreement, highlighting its potential to spur growth and prosperity while serving the mutual interests of both parties. He emphasized the vital importance of close cooperation among nations to strengthen economic relations.
Further negotiations are anticipated to solidify the terms of this groundbreaking trade pact, with both sides keen on advancing regional and international economic cooperation.
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