Saudi Arabia and Pakistan Forge Closer Ties with Landmark Customs Agreement
In a move to bolster their bilateral relations, Saudi Arabia and Pakistan have sealed a significant agreement aimed at enhancing cooperation in customs matters.
The deal, signed during the Zakat, Tax, and Customs Conference in Riyadh, paves the way for smoother trade processes and the exchange of expertise and best practices in customs operations between the two nations.
Key figures present at the signing included Abdullah Al-Funtukh, deputy governor for strategy and trade facilitation at the Zakat, Tax, and Customs Authority, and Ahmad Farooq, Pakistan’s ambassador to Saudi Arabia.
The terms of the agreement outline plans for both governments to collaborate on adopting advanced customs technologies, improving administrative assistance, and enhancing trade facilitation.
This partnership is anticipated to not only strengthen trade ties but also drive innovation and efficiency in customs operations, solidifying the economic relationship between Saudi Arabia and Pakistan.
High-Level Engagements Reflect Growing Economic Partnership
The recent customs agreement signing follows a series of high-level meetings between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman, emphasizing a commitment to deepen economic cooperation.
During their discussions at the One Water Summit in Riyadh, both leaders expressed a mutual interest in bolstering bilateral trade and investment ties, marking the fifth meeting between Sharif and the crown prince in the past six months.
Previous engagements have resulted in agreements worth billions of dollars across sectors like agriculture, semiconductor manufacturing, and energy, highlighting a shared vision for a transformative shift in their economic relationship.
Pakistani and Saudi businesses have also inked several key agreements, with the total value of memorandums of understanding reaching $2.8 billion as of December.
The ongoing efforts to strengthen trade and investment ties between Saudi Arabia and Pakistan underscore a commitment to sustained collaboration and mutual growth.