Pakistan and Bahrain are close to finalizing a $1bn trade deal, according to officials. Deputy Prime Minister and Foreign Minister Ishaq Dar said the free trade agreement with the Gulf Cooperation Council (GCC) awaits approval from one member state. The agreement was concluded in September 2023 but has not yet been signed.
Bahrain has pledged to accelerate the signing process. Ishaq Dar and Bahrain’s foreign minister co-chaired a joint ministerial commission meeting in Islamabad, where they set a $1bn trade target. The agreement aims to boost trade and investment between Pakistan and the GCC.
The trade deal follows months of negotiations. Pakistan and Bahrain have been working to strengthen economic ties. The $1bn target reflects their commitment to expanding bilateral trade. The agreement is expected to enhance economic cooperation in the region.
The GCC includes Saudi Arabia, the United Arab Emirates, Qatar, Oman, and Kuwait. Pakistan has been seeking to deepen its economic ties with the Gulf states. The trade deal is part of broader efforts to diversify Pakistan’s trade partners.
The agreement could have significant implications for regional trade. It may also help Pakistan reduce its trade deficit with the Gulf states. The finalization of the deal would mark a key step in Pakistan’s economic diplomacy.
