Pakistani Business Leaders Push for Free Trade Deal with Saudi Arabia After Defence Agreement
Karachi, Pakistan – The Pakistani business community is calling on the government to quickly sign a Free Trade Agreement (FTA) with Saudi Arabia. This comes after a major defence deal was signed between the two countries, which is seen as a big step forward in their relationship.
Leaders from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) say the FTA would help Pakistan increase exports and get a bigger share in Saudi Arabia’s large import market.
Huge Trade Potential with Saudi Arabia
Saudi Arabia imports around $238 billion worth of goods every year, but Pakistan only exports $732 million to the Kingdom. In comparison, India already has a Free Trade Agreement with Saudi Arabia and benefits from it.
FPCCI is now urging the Ministry of Commerce to act fast and sign a similar deal to help Pakistani exporters.
Defence Deal Boosted the Stock Market
At a press conference in Karachi, Saqib Fayyaz Magoon, Acting President of FPCCI, said that the recent defence deal had already caused a positive rise in the Pakistan Stock Exchange (PSX). He stressed that a trade deal would further strengthen economic ties.
Nasir Khan, Vice President of FPCCI, added that this new partnership with Saudi Arabia could help Pakistan depend less on the IMF and encourage more local economic growth.
Long-Term Strategic Partnership
Muhammad Zubair Motiwala, Chairman of the Businessmen Group and ex-President of the Karachi Chamber of Commerce and Industry, said that this agreement has taken Pakistan-Saudi relations to a new, strategic level.
He believes that the partnership could expand beyond defence to include cooperation in:
Education (like scholarships and training programs)
Infrastructure (ports, roads, and cities)
Industrial development (steel, cement, fertilizer, defence production)
Energy (refining, petrochemicals, renewable energy, oil storage)
Motiwala also suggested setting up joint training centers to give Pakistani youth the skills needed to compete in the global job market, especially in the Gulf region.
He encouraged Saudi investors to explore more opportunities in Karachi, Pakistan’s largest industrial and commercial city.
