Pakistan, GCC 'initialise' free trade deal

Gulf Cooperation Council (GCC) and Pakistan have "initialised" a free trade agreement, the GCC said on messaging platform X, formerly Twitter.

GCC Secretary General Jasem al Budaiwi and Pakistani Commerce Minister Gohar Ejaz "signed the initials of the free trade agreement," the GCC said on Thursday.

Al Budaiwi said the historic economic agreement represents an "important turning point" in cooperation and would contribute to growth and prosperity in a way that serves the common interests of both sides, GCC said in a statement.

Al Budaiwi also stressed that GCC is moving forward with the file of free trade with other countries, the statement added.

Pakistan and the GCC signed a framework agreement to discuss the free trade pact in August 2004, but only a few rounds of talks took place.

The two sides resumed the negotiations in 2021.