ISLAMABAD/RIYADH(National times)- The governments of Pakistan and Saudi Arabia have formally agreed to launch a comprehensive economic cooperation framework designed to deepen bilateral trade, investment and development ties. The move marks a fresh phase in a partnership spanning nearly eight decades between the two countries. According to the joint communiqué issued after the meeting between Shehbaz Sharif, Prime Minister of Pakistan, and Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, the framework reflects the “brotherly” and Islamic-solidarity relationship that binds the two nations, and emphasises shared economic interests and mutual growth ambitions. Under the framework, Pakistan and Saudi Arabia commit to enhancing trade and investments in a number of priority sectors: energy, industry, mining, information-technology, tourism, agriculture and food-security. Discussions will also cover strategic high-impact projects aimed at strengthening cooperation, increasing private-sector participation and expanding commercial exchange between Riyadh and Islamabad.
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In the energy sphere, for instance, a memorandum of understanding on power-transmission projects and cooperation in the energy sector has already been signed between the two governments. The framework is intended to reflect the desire of both countries’ leadership and peoples to build a sustainable partnership in the economic, trade and investment domains. Further to this, a high-level coordination mechanism is expected to convene under the auspices of the Saudi-Pakistan Supreme Coordination Council. That body will oversee the execution of the cooperation agenda, with an emphasis on private-sector-led development, infrastructure investment and enhanced commercial linkages. By anchoring the framework on their historic relationship and aligning with broader development goals such as Saudi Arabia’s own diversification agenda, Islamabad and Riyadh appear set to enter a new era of economic collaboration. The agreement was reached side-by-side with other initiatives aimed at structuring negotiations, streamlining travel approvals for officials and fast-tracking investment pipelines under Pakistan’s Special Investment Facilitation Council (SIFC).
