Saudi Arabia, Pakistan agree to launch economic cooperation framework to strengthen trade relations

Saudi Arabia and Pakistan agreed to establish an economic cooperation framework to boost trade and investment relations between the two countries, Saudi media reported on Tuesday.

The decision was made during a meeting in Riyadh between Saudi Crown Prince Mohammed bin Salman and Pakistani Prime Minister Shehbaz Sharif.

“As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment, and development fields that will contribute to strengthening cooperation between the two governments, enhancing the pivotal role of the private sector, and increasing trade exchange between the two countries,” reads a joint statement carried by the state news agency SPA.

The statement said several joint economic projects are currently being studied by both countries, including signing a memorandum of understanding for an electricity interconnection project and another on cooperation in the energy field between Riyadh and Islamabad.

The agreed framework reaffirmed a “shared vision toward building a sustainable partnership across various economic, trade, and investment fields in a manner that fulfills the aspirations of their leaderships and the brotherly peoples of both nations and serves their mutual interests,” the statement said.

Saudi Arabia and Pakistan signed a strategic mutual defense agreement on Sept. 17 to develop bilateral defense cooperation.

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