MANAMA: Mahmood Rafique, Editor: The Pakistan-GCC free trade agreement (FTA) will open a new era of trade, investments, trade between Pakistan and Bahrain.
Mian Mohammed Shahbaz Sharif, Prime Minister of Islamic Republic of Pakistan, who arrived in Manama on Wednesday on a two-day official visit to the Kingdom of Bahrain, was speaking to Bahrain-Pakistan Business reception held at Aracpita premises at Bahrain Bay and attended by both Pakistani and Bahraini businessmen in presence of Shaikh Khalid bin Abdulla Al Khalifa, the Deputy Prime Minister of Bahrain. The reception was also addressed by Shaikh Salman bin Khalifa Al Khallifa, the Minister of Finance and National Economy Bahrain.
Dr Abdullatif Al Zayani, the Minister of Foreign Affairs, Abdulla Adel Fakhro, the Minister of Industry and Commerce, and senior government officials.
Prime Minister Shehbaz Sharif, who is accompanied by a high-powered delegation, held bilateral meetings with the top leadership and private sector business meetings and will continue talks tomorrow Thursday. The by Pakistani PM to the brotherly Kingdom would further deepen bilateral relations and strengthen bonds across the broad spectrum of sectors between the two countries.
The Pakistani Premier highlighted the importance of deep-rooted ties between the two countries and said that it was a high time to seize the opportunities of working together in all areas of common interest and take the brotherly relations to the new height of excellence in rapidly changing economic climate regionally and globally with a focus on enhancing relations in trade, investments, IT, agriculture, services, human development, and banking and finance.
The GCC-Pakistan FTA represents a significant step toward strengthening economic ties between Pakistan and the Gulf Cooperation Council member states (Saudi Arabia, UAE, Bahrain, Oman, Qatar, and Kuwait). This agreement is designed to eliminate or reduce customs duties on goods and services, fostering smoother trade flows and investment opportunities. It also encompasses broader areas like digital trade, intellectual property, tourism, and energy collaboration, making it one of the most comprehensive trade agreements in Pakistan’s history.
The FTA aims to provide Pakistan with greater access to GCC markets, particularly in goods and services, potentially boosting exports like food and agricultural products.
It promises job creation, improved living standards, and expanded trade volumes, with Pakistan’s export potential to GCC estimated at $4 billion annually.
The agreement aligns with GCC nations’ diversification goals, like Saudi Vision 2030, and offers Pakistan opportunities to integrate into global energy transitions and supply chains.
While promising, the FTA faces hurdles such as Pakistan’s political instability, export quality issues, and competition from other regional players like India.
Recently, discussions have also focused on leveraging this agreement to boost trade between Pakistan and Bahrain, with a goal to increase bilateral trade from $550 million to $1 billion within three years, supported by eased visa regulations and new investment flows.
