Web desk: Saudi Arabia and Pakistan have agreed to launch a comprehensive Economic Cooperation Framework. This is a new chapter in their longstanding strategic partnership that spans nearly eight decades.
The agreement was reached during a meeting between Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud and Pakistan’s Prime Minister Muhammad Shehbaz Sharif in Riyadh on Monday.
The initiative highlights the historic brotherhood and deep-rooted Islamic solidarity that bind the two nations.
Saudi Arabia Pakistan Joint Statement
The framework aims to strengthen trade, investment, and development cooperation between the two countries, according to the official statement.
Both sides reaffirmed their shared commitment to promoting mutual economic interests and expanding collaboration across multiple sectors.
Several strategic and high-impact projects will be pursued in areas such as energy, industry, mining, information technology, tourism, agriculture, and food security. Under the new framework.
The governments of Pakistan and Saudi Arabia also plan to enhance the role of the private sector and increase bilateral trade as well.
This development reflects the strength of the historical relations between Pakistan and Saudi Arabia, spanning nearly 8 decades and the commitment of the leadership of both countries to brotherhood and Islamic solidarity.
According to the joint statement issued after the meeting between the two heads of state, the new framework is based on the common economic interests of the two countries and aims to further strengthen trade and investment relations.
Under the framework, several strategic projects in the economic, trade, investment and development sectors will be discussed. This will enhance the role of the private sector and increase trade exchanges.
According to the statement, the priority sectors include energy, industry, mining, information technology, tourism, agriculture and food security.
Pakistan and Saudi Arabia are currently working on several joint projects, including a Memorandum of Understanding for the Electricity Interconnection Project for the transmission of electricity and an agreement on cooperation in the energy sector.
The statement said that this framework will further strengthen the brotherly relations between the two countries and provide a basis for a lasting partnership in the fields of economy, trade and investment.
On this occasion, the two leaders reiterated their commitment to further expand mutual cooperation in the upcoming meeting of the Saudi-Pakistani Supreme Coordination Council.
