RIYADH: Saudi Arabia and Pakistan have taken a significant step toward enhancing bilateral relations with the signing of a landmark agreement aimed at boosting cooperation in customs matters.
The deal is designed to streamline trade processes and promote the exchange of expertise and best practices in customs operations between the two nations.
The agreement was signed during the Zakat, Tax, and Customs Conference in Riyadh, with key figures in attendance, including 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.
Under the terms of the agreement, both governments will work closely to adopt advanced customs technologies, enhance administrative assistance, and improve trade facilitation.
This collaboration is expected to not only strengthen trade ties but also promote innovation and efficiency in customs operations, further cementing the economic relationship between the two countries.
The signing reflects the commitment of both governments to deepen their economic partnership and foster smoother trade exchanges. It also represents a broader effort to leverage innovation and strengthen cooperation in customs operations to support mutual growth.
Earlier in December, Pakistan’s Prime Minister Shehbaz Sharif met with Saudi Arabia’s Crown Prince Mohammed bin Salman during the One Water Summit in Riyadh.
According to Sharif’s office, the two leaders agreed to further enhance bilateral trade and investment ties. This marked the fifth meeting between Sharif and the Saudi crown prince in the past six months, reflecting a growing engagement between the two nations.
During their previous meeting in late October at the Future Investment Initiative in Riyadh, Sharif and the crown prince discussed agreements worth $2.8 billion across sectors such as agriculture, semiconductor manufacturing, and energy.
Sharif’s office stated that both leaders agreed on the need for a “qualitative change” in their economic, trade, and investment relationship. The crown prince emphasized the importance of advancing meaningful cooperation to promote economic growth and prosperity in Pakistan.
In addition to these high-level meetings, Pakistani and Saudi businesses have signed several key agreements. On Oct. 10, during a visit by Saudi Arabia’s investment minister to Islamabad, 27 memorandums of understanding were signed, valued at $2.2 billion.
Following Sharif’s visit to Riyadh on Oct. 30, the number of MoUs increased to 34, with a total value of $2.8 billion. As of Dec. 2, seven of these MoUs have been converted into formal agreements worth $560 million.
The recent deal on customs cooperation marks another important step in strengthening trade and investment ties between Saudi Arabia and Pakistan, signaling a commitment to ongoing collaboration and mutual growth.
