Islamabad:
Following the recent historical defense agreement between Pakistan and Saudi Arabia, the federal government has put together a high-level committee to give new momentum and direction to the bilateral economic relationship.
According to an official notification, the committee will conduct financial negotiations between the two countries under the framework of Pakistan-Saudi Arabia Economic Partnership. The decision was announced after a high -level goal meeting held on October 3rd.
Prime Minister Shehbaz Sharif has approved the formation of the committee, which will oversee dialogue and coordination under the Pakistan-Saudi economic framework.
The body includes federal ministers as well as senior representatives from Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), Federal Board of Revenue (FBR) and the Pakistani Embassy in Riyadh.
The committee will be co -chair of the Federal Minister of Climate Change Senator Musadik Malik and Special Investment Facilitation Council (SIFC) National Coordinator LT Gen (RETD) Sarfraz Ahmad.
Other members include Minister of Economic Affairs Ahad Cheema, Minister of Trade Jam Kamal, Minister of Energi Awais Leghari, Minister of Food Safety Rana Tanveer Hussain, Minister of Information Technology Shaza Fatima Khawaja, Minister of Communication Abdul Aleem Khan, SECP Chairman Akif Saeed, State Bank’s State Bank Deputy Dr. Inayat Hussain.
According to the announcement, the co -chairman will form the core negotiation team to engage in their Saudi colleagues. Members of the committee are required to ensure that their availability starts October 6, so the dialogue process can begin quickly.
The formation of the committee reflects the expanding extent of Pakistan -Saudi collaboration, which now extends beyond defense and energy to include climate change and environmental sustainability.
The Prime Minister’s office has instructed the committee to speed up negotiations with Saudi -Arabia and ensure that all members remain available from October 6 onwards. It has also been required that travel approvals related to Saudi Arabia are processed within an hour of requesting request.
The announcement also states that SIFC will forward travel and logistical recommendations to committee members to the Prime Minister’s office, who will approve them within the same day, preferably within an hour.
The committee is also authorized to cooperate additional members as needed, while SIFC will provide secretary support. According to the announcement, the committee will submit a performance report to the Prime Minister every 15 days.
Sources said Pakistan is expected to renew his proposal for repurchase investments from Saudi Arabia in the oil and agricultural sectors during the upcoming conversations. Islamabad will also try to improve Pakistani exports to the Kingdom, as the current trade deficit of around $ 3 billion is back in Saudi Arabia’s advantage.
Discussions are also expected to include the project with long -delayed oil refinery, which has remained stopped for almost a decade. Sources added that Shehbaz Sharif is likely to visit an official visit to Saudi Arabia later this month, expected to end more central financial agreements.
On September 17, Saudi Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif signed a historic security and defense pact – the strategic mutual defense agreement (SMDA).
Under this Agreement, both countries obliged treatment of any aggression against one as an act against both-one covenant, as some people described as mini-Nato in this region.
