MANAMA, BAHRAIN – Prime Minister Shehbaz Sharif on Thursday announced that the Gulf Cooperation Council Free Trade Agreement (GCC FTA) with Pakistan has been “nearly finalised” and is expected to be signed soon. He added that the agreement will significantly boost Pakistan’s trade with GCC member states, particularly Bahrain.
Speaking to the business community in Manama, a day after his arrival, PM Shehbaz highlighted the potential of the pact to open new avenues for economic cooperation, investment, and market access. He encouraged Bahraini investors to explore opportunities in Pakistan’s industry, agriculture, IT, and fintech sectors, emphasizing the mutual benefits of strategic partnerships.
“This will enhance trade between Pakistan and the GCC countries, particularly with Bahrain,” he said, inviting Bahraini businesses to collaborate with Pakistani firms. “I address you not just as the Prime Minister of Pakistan but as the CEO of a nation eager to partner with Bahraini entrepreneurs ready to support joint ventures, facilitate your investment plans, and assist in the mutually-rewarding journey ahead of us,” he added.
The Prime Minister also praised Bahrain’s visionary leadership and acknowledged the Pakistani diaspora of over 100,000 people in Bahrain for their contribution to both the host country and Pakistan through remittances totaling $484 million last year.
PM Shehbaz expressed gratitude to King Hamad bin Isa Al Khalifa and Crown Prince Salman bin Hamad Al Khalifa for their warm hospitality. He stressed that the longstanding relationship between Pakistan and Bahrain, built on culture, religion, mutual respect, and trust, should now translate into robust economic cooperation. He also pledged to transform Pakistan’s youth bulge into an opportunity through IT, AI, vocational, and skill training programs.
Earlier, Bahrain’s Finance Minister Salman bin Khalifa Al Khalifa lauded the contributions of generations of Pakistanis in Bahrain, describing them as an integral part of the kingdom’s growth. He noted that Pakistan’s financial institutions have been key contributors to Bahrain’s financial sector for over 50 years. The minister highlighted Bahrain’s ongoing digital and technological transformation, noting that Pakistani firms could play a crucial role in software engineering, artificial intelligence, cybersecurity, and next-generation digital services.
In a parallel development, Pakistan and Bahrain agreed to establish joint teams of relevant officials to draft a roadmap for future collaboration in finance, banking, commerce, and economic matters. Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar met Bahrain’s Finance Minister to discuss further enhancing cooperation between the central banks and sharing expertise in fintech.
