ISLAMABAD:
Following the recent historic defence agreement between Pakistan and Saudi Arabia, the federal government has constituted a high-level 18-member committee to give new momentum and direction to the bilateral economic relationship.
According to an official notification, the committee will lead economic negotiations between the two countries under the framework of the Pakistan-Saudi Arabia Economic Partnership. The decision was announced after a high-level review meeting held on October 3.
Prime Minister Shehbaz Sharif has approved the formation of the committee, which will oversee dialogue and coordination under the Pakistan-Saudi Economic Framework.
The body includes federal ministers as well as senior representatives from the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR), and the Pakistani Embassy in Riyadh.
The committee will be co-chaired by Federal Minister for Climate Change Senator Musadik Malik and Special Investment Facilitation Council (SIFC) National Coordinator Lt Gen (retd) Sarfraz Ahmad.
Other members include Minister for Economic Affairs Ahad Cheema, Minister for Commerce Jam Kamal, Minister for Energy Awais Leghari, Minister for Food Security Rana Tanveer Hussain, Minister for Information Technology Shaza Fatima Khawaja, Minister for Communications Abdul Aleem Khan, SECP Chairman Akif Saeed, State Bank Deputy Governor Dr Inayat Hussain.
According to the notification, the co-chairpersons will form core negotiation teams to engage with their Saudi counterparts. Members of the committee are required to ensure their availability starting October 6, so that the dialogue process can begin swiftly.
The formation of the committee reflects the expanding scope of PakistanSaudi cooperation, which now extends beyond defence and energy to include climate change and environmental sustainability.
The Prime Minister’s Office has instructed the committee to accelerate negotiations with Saudi Arabia and ensure that all members remain available from October 6 onward. It has also directed that travel approvals related to Saudi Arabia be processed within one hour of request submission.
The notification further states that the SIFC will forward travel and logistical recommendations for committee members to the Prime Minister’s Office, which will approve them within the same day, preferably within one hour.
The committee is also empowered to co-opt additional members as required, while the SIFC will provide secretarial support. According to the notification, the committee will submit a performance report to the prime minister every 15 days.
Sources said Pakistan is expected to renew its proposal for buy-back investments from Saudi Arabia in the oil and agriculture sectors during the upcoming talks. Islamabad will also seek to enhance Pakistani exports to the Kingdom, as the current trade deficit of around $3 billion remains in Saudi Arabia’s favour.
Discussions are also expected to include the long-delayed oil refinery project, which has remained stalled for nearly a decade. Sources added that Shehbaz Sharif is likely to pay an official visit to Saudi Arabia later this month, where he is expected to finalize several key economic agreements.
On September 17, Saudi Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif signed a historic security and defence pact — the Strategic Mutual Defence Agreement (SMDA).
Under this agreement, both countries committed to treating any act of aggression against one as an act against botha pact that some people described as mini-NATO of this region.
