Govt committed to finalise FTA with GCC

ISLAMABAD: Pakistan is committed for finalising the free trade agreement (FTA) with Gulf Cooperation Council (GCC) to enhance the multilateral trade.

Text of initial frame work on FTA was completed with Gulf Cooperation Council (GCC) which comprise six countries, including Saudi Arabia, Bahrain, Oman, Qatar, Kuwait and the United Arab Emirates, senior official of ministry of commerce told APP on Friday.

He said negotiation on third round of FTA between Pakistan and GCC countries to be resumed after joint ministerial level meeting in GCC's countries presided by Bahrain. Commerce minister of GCC countries would meet at the end of August 2017 where Pakistan-GCC FTA will be on priority agenda.

He said negotiations on FTA between Pakistan and six GCC states would also be discussed in coming negotiation round for concluding the agreement.

The official  said Pakistan and GCC countries are committed to trade liberalisation and promotion of bilateral trade and business relations. Priority of both sides is to promote private sector to enhance business contacts and increase trade volume, he said.

The official said Pakistan would have huge opportunity to export rice, meat, fruits and also investment in agro-processing unit in Pakistan. GCC countries had opportunity to concentrate on tourism, manufacturing and services sectors of Pakistan.