Caretaker Commerce Minister Gohar Ejaz has announced that Pakistan and the Gulf Cooperation Council (GCC) have signed a Free Trade Agreement (FTA), which is expected to boost Pakistan’s exports to GCC countries. He made this statement during a joint news briefing in Islamabad, where he discussed the Special Investment Facilitation Council meeting.
Minister Gohar Ejaz highlighted the significant trade disparity between GCC countries and Pakistan. He noted that the GCC nations export goods worth one trillion dollars, while their imports total 5.5 billion dollars. In contrast, Pakistan’s imports from GCC countries average around 19 billion dollars, whereas its exports to these nations amount to only 2.5 billion dollars. He also praised Saudi Arabia’s role in finalizing the Free Trade Agreement with the six Gulf States, marking the first such understanding in 14 years.
Additionally, Gohar Ejaz mentioned the development of a mechanism to certify Pakistani workers in Gulf countries, aligning their skills with market demands. He noted that gas supply to the export industry during winter will be ensured to boost Pakistan’s exports.
Regarding the Afghan Transit Trade, the Commerce Minister stated that smuggling-prone items have been placed on a negative list. Pakistan will continue to facilitate genuine trade with Afghanistan, but it is now mandatory to deposit a bank guarantee equal to the value of goods to be transported under this arrangement. A ten percent fee will be imposed on Afghan trade for using Pakistan’s infrastructure. The objective is to ensure that Afghan trade benefits the internal consumption of Afghanistan and does not contribute to smuggling into Pakistan.
Gohar Ejaz also mentioned efforts to curtail tax evasion worth one trillion rupees annually by improving the Afghan Transit Trade system.
Energy Minister Muhammad Ali spoke about the successful finalization of two liquefied natural gas (LNG) cargoes for December, which is expected to alleviate gas shortages. He noted that fertilizer manufacturing plants will receive an improved supply of gas.
Regarding the crackdown against power theft, Minister Muhammad Ali reported a recovery of 16 billion rupees so far and emphasized that this campaign would continue vigorously. The government has decided to reconstitute the board of directors of power distribution companies, and the private sector will be engaged in managing these companies.
On the privatization front, he mentioned that Pakistan International Airlines (PIA) is a top priority for privatization, and steps will be taken in that direction in the coming months.
Interior Minister Sarfaraz Ahmed Bugti condemned unprovoked firing by an Afghan sentry at the Chaman border crossing and demanded that the Afghan interim authorities hand over the responsible individual to Pakistan.
