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Pakistan Signs Preliminary Free Trade Agreement with GCC
The South Asian nation has been facing a severe economic crisis, and has been left at the mercy of strict IMF measures
Pakistan and the countries of the Gulf Cooperation Council (GCC) have concluded their talks on a free trade agreement between Islamabad and the Arab states, resulting in the signing of a preliminary deal on 28 September.
The final round of these talks was held from 26 to 28 September at the GCC headquarters in Riyadh, according to a statement from the Pakistani Ministry of Commerce.
On 28 September, the GCC said via social media that the “initials” of the free trade agreement had been signed by GCC Secretary-General Mohammed al-Budaiwi and Pakistani Trade Minister Jawhar Ijaz.
The agreement “comes in recognition of the importance of strengthening trade relations and economic cooperation with countries and international blocs,” the GCC statement added.
Pakistan “looks forward to … the rapid implementation of the agreement, which will represent a new chapter in the economic relations between the two parties,” Islamabad’s Ministry of Commerce said.
...The South Asian country has also stepped up energy cooperation with Russia in search of economic alternatives.
On 27 September, Pakistan received its first shipment of liquefied petroleum gas from Russia, which it said was purchased in Chinese currency.
Related Reading: Related Reading: 6/16/23 —BRICS: 10 Asian Countries Agree to Ditch The U.S. Dollar
"In conclusion, apart from BRICS countries, now ASEAN nations will move away from the U.S. dollar. It is reported that the Gulf Cooperation Council (GCC) is also planning to move in the same direction."
7/26/23 — The End of the Petrodollar, the Rise of BRICS is Here
At the China-GCC conference in December, as reported by VOA:
" 'China will continue to import large quantities of crude oil from GCC countries on an ongoing basis,' he said, also vowing to expand other areas of energy cooperation including liquefied natural gas imports.
Xi said China would make full use of a Shanghai-based platform 'to carry out RMB [yuan] settlement of oil and gas trade’-- a move that, if Gulf countries participate, could weaken the global dominance of the U.S. dollar."
Regarding Saudi Arabia, the Gulf kingdoms would be “repeatedly stressing” their desire to remain neutral despite the US’s pressure to get involved in the middle of the geopolitical showdown between US/NATO and the BRICS axis.
VOA would report: "Saudi officials have repeatedly stressed that they value deep ties with Washington but will not hesitate to explore relationships elsewhere.
'We are very much focused on cooperation with all parties and I think competition is a good thing,' Prince Faisal said Friday, adding that Riyadh will also continue to have strong relations with the U.S. 'across the board.'
'We will continue to work with all of our partners, and we don't see it as a zero-sum game by any means,' he added.
'We don't believe in polarity.'
“We don’t believe in polarity”…. well that’s neat Prince Faisal.. but as we know, the problem is the US does.
🔗Source: The Cradle
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