Saudi Commercial Attaché in Pakistan Mubasher bin Abdullah Al-Shohri on Sunday said the Kingdom’s officials were assessing advancements in the initial Free Trade Agreement (FTA) aimed at enhancing trade with Pakistan.

Following the initial trade agreement reached in Riyadh on September 28, involving Gulf Cooperation Council member countries and Pakistan, the pertinent legal committee was scrutinising progress on several issues, he told media persons in Islamabad.

According to Al-Shohri, the legal committee would formulate a comprehensive action plan, paving the way for the initiation of the third phase after the completion of the review.

The third phase would specifically address legal matters, ensuring their organisation and subsequent implementation, he said.

He highlighted the presence of specialised institutions facilitating trade exchanges between the two nations, adding that these entities were assessing the opportunities and facilities offered by both countries, strategically leveraging them to augment the volume of bilateral trade.

The Saudi commercial attaché stated that the trade volume between Saudi Arabia and Pakistan had surged to $16.3 billion from September 2020 to 2023.

“There is optimism that we will successfully attain our goals in this regard,” he stated.

The commercial department at the Saudi Embassy worked together with the cooperation of the relevant institutions in order to identify significant opportunities and promote bilateral trade with Pakistan, he added.

Pakistan currently exports meat, vegetables, fruits and rice to Saudi Arabia, he said, adding that both countries were also working to increase cooperation in the fields of energy, technology and information technology.

Furthermore, there were plans for more Saudi companies to enter the Pakistani market in the future, he added.

On the China-Pakistan Economic Corridor (CPEC), the Saudi commercial attaché emphasised the paramount importance of economic corridors for societal development and the enhancement of global trade.

He said economic corridors not only facilitated trade but also provided avenues for more effective aid activities.