Pakistan ‘finalises’ free trade agreement with GCC

[ghazi52]

,..,.,

Pakistan ‘finalises’ free trade agreement with GCC​

BR | APP
September 29, 2023

In a major development, Pakistan has finalised a free trade agreement (FTA) with the Gulf Cooperation Council (GCC), the Ministry of Commerce stated on Friday.

Federal Minister for Commerce, Dr Ejaz, and Secretary General GCC signed the joint statement of the Pakistan-GCC FTA (PAK-GCC FTA) in Riyadh, Saudi Arabia, state-run APP reported.

The two sides had been in talks for a long time and the final round was held from September 26-28, 2023 at the GCC Headquarters, Riyadh.

This is a significant development as the FTA is the first by GCC with any country since 2009 and marks a milestone in both sides’ economic cooperation.

“Pakistan has excellent relations with all the countries of the GCC and the FTA will ensure that our economic ties are commensurate with these relations,” Ejaz said while speaking on the ocassion.

https://twitter.com/x/status/1707647675091566727

A joint statement was signed by Gohar Ejaz and the Secretary General of GCC, H.E. Jasem Mohamed Albudaiwi.

“Both Parties looked forward to the expeditious signing, ratification, and implementation of the agreement, which will mark a new chapter in the economic relations between our parties” the statement read.

This will now be followed by an internal administrative and approval process before signing and entry into force of the agreement.

Pakistan ‘finalises’ free trade agreement with GCC

In a major development, Pakistan has finalised a free trade agreement (FTA) with the Gulf Cooperation Council (GCC),...

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[50cent]

Good news for albaik lovers

 

[Puffin]

Notice the word jugglery. They have not signed or agreed a FTA. In fact neither party can even describe the outlines of a FTA.
They have signed a statement
Probably a statement saying a FTA would be nice

 

[TriptiD]

It will be good for Indian exporters if Pakistan signs this agreement. India already has an FTA with the UAE and Indian companies will be able to export to Pakistan without paying any duties via UAE once Pakistan signs the agreement with GCC.

 

[A Voice of Reason]

It will be good for Indian exporters if Pakistan signs this agreement. India already has an FTA with the UAE and Indian companies will be able to export to Pakistan without paying any duties via UAE once Pakistan signs the agreement with GCC.

And with everyone else that any one of those GCC countries has an FTA and each of their FTAs and so on. The expanded list is... interesting.

Can I guess that not all goods are covered by this embryonic FTA and that countries can still ban goods from certain origin countries?

 

[LeGenD]

Good news, if true.

 

[epebble]

Notice the word jugglery. They have not signed or agreed a FTA. In fact neither party can even describe the outlines of a FTA.
They have signed a statement
Probably a statement saying a FTA would be nice

While that is true, it doesn't take much for the interim government to sign the agreement into law. They don't even have to go through any parliamentary process of show and tell.

One question I have is though, with the foreign exchange position so weak and debts piled sky high and beyond, what exactly would an FTA achieve? Where is the money for more imports (or capacity for more exports) or room to reduce tariffs.

 

[Crimson Blue]

Notice the word jugglery. They have not signed or agreed a FTA. In fact neither party can even describe the outlines of a FTA.
They have signed a statement
Probably a statement saying a FTA would be nice

I am just wondering. If you are spending your time reading and analyzing potential FTA between Pakistan & GCC, then do you have any connection with Pakistan?

I mean have you lived in Pakistan or are you a second generation immigrant from Pakistan?

 

[Ali_Baba]

It will be good for Indian exporters if Pakistan signs this agreement. India already has an FTA with the UAE and Indian companies will be able to export to Pakistan without paying any duties via UAE once Pakistan signs the agreement with GCC.

Not so fast - all trade deals have rules of origin constraints.. it does not mean India gets a free ride by virtue both parties have FTA's ...

 

[SaadH]

Let Indian products flood Pakistani market via Dubai now. Nothing will be produced in Pakistan going forward.

 

[TNT]

I can bet this would be highly skewed in favour of GCC and may just benefit the mafia of Pakistan.