THE growing interest of Gulf countries in strengthening trade and economic ties with Pakistan is a welcome and encouraging development. One saw this desire again during the Pakistan-Bahrain Joint Ministerial Commission meeting in Islamabad on Saturday. Co-chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar and Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani, the meeting discussed cooperation in more than fifteen areas, including trade, investment, energy, food security, IT, labour, health, education and culture.
More importantly, Bahrain has given fresh hope regarding the long-awaited Pakistan-GCC Free Trade Agreement. While addressing a joint news conference along with Deputy Prime Minister Ishaq Dar, FM Al Zayani said Bahrain, which currently holds the GCC presidency, is working to speed up the signing or approval of the agreement. Negotiations on the FTA have been going on, in one form or another, for more than two decades. There now appears to be renewed optimism that the agreement could finally move towards completion. If realised, it could open important doors for greater trade, investment and cooperation between Pakistan and the Gulf countries. It could also provide Pakistani businesses with wider market access while encouraging Gulf investors to explore new opportunities in Pakistan. The bilateral understanding with Bahrain is equally important. Ishaq Dar, in his remarks, highlighted the operationalization of several joint working groups, including mechanisms focusing on trade and investment, energy and other sectors. Such groups can help move relations beyond statements and agreements by identifying practical opportunities and ensuring that decisions are actually implemented. The Gulf countries have enormous investment capacity, while Pakistan has a large market, skilled human resource and opportunities in agriculture, IT, minerals, energy and logistics. There is considerable room for both sides to complement each other. High-level engagements with the Gulf states must therefore continue with focus on concrete economic outcomes. It is now time to give this relationship a stronger economic foundation and turn long-standing friendship into a partnership based on trade, investment, shared opportunities and mutual prosperity.
