Pakistan seeks trade deals with Saudi, UAE, Oman
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By Alexander Cornwell
DUBAI (Reuters) – Pakistan will pursue individual trade deals with Saudi Arabia, the United Arab Emirates and Oman, a Pakistani official said on Sunday, as talks with the Gulf Cooperation Council remain stalled.
In 2004, the GCC (which includes these three countries, as well as Qatar, Kuwait, and Bahrain) began free trade negotiations with Pakistan. Since 2015, it hasn’t implemented any free trade agreements.
Official Abdul Razak Dawood, Pakistani from Pakistan, told Reuters that the South Asian country hoped bilateral negotiations would begin in the coming 6-12 months to secure preferential trade agreements with three Gulf Arab countries.
In Dubai, he stated that it was preferable to strike individual trade deals rather than a whole deal with the GCC.
Preferential trade deals typically give certain products preferred access to reduce or eliminate tariffs.
Dawood indicated that negotiations will only be able to cover limited goods. They won’t be as broad as a free trade deal, but they could expand over time.
It was not clear what goods Pakistan wanted to add.
The UAE said this month that it was seeking broad economic agreements to cover investment and trade with eight countries. This includes India, Britain, Turkey and Turkey.
For comment, Omani, Emiratis and Saudi officials couldn’t be reached immediately to discuss the comments of the Pakistani official.
Dawood is the Commerce Advisor to the Prime Minister and will be in Dubai to evaluate preparations for Pakistan’s participation in the Expo World Fair, which takes place there starting next month.
According to Dawood, Pakistan’s Muslim majority would emphasize safety and diversity during Expo. This would help spur more tourists and investment in South Asia.
New Zealand’s cricket team was forced to cancel its upcoming trip to Pakistan this month due security concerns.
Dawood stated that they didn’t expect something like that to occur and this is the kind of perception we need to change.
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