RIYADH: Saudi Arabia and Pakistan have agreed to launch an economic cooperation framework to strengthen trade and investment relations.
Crown Prince Mohammed bin Salman and Prime Minister of Pakistan Shehbaz Sharif made the agreement during a meeting in Riyadh on Monday.
A joint statement said the framework was based on the two countries’ shared economic interests and depth of their historic partnership.
“As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment and development fields,” it said.
These projects will help strengthen cooperation between the two governments, “enhancing the pivotal role of the private sector and increasing trade exchange between the two countries.”
The agreement will prioritize energy, industry, mining, information technology, tourism, agriculture and food security.
The two countries have already signed a Memorandum of Understanding for an electricity interconnection project.
“This framework represents an extension of both countries’ efforts to strengthen their fraternal relations and reaffirms their shared vision toward building a sustainable partnership across various economic, trade and investment fields,” the statement said.
Saudi Arabia and Pakistan have enjoyed close relations for decades but have moved to broaden cooperation in recent years.
The crown prince and prime minister signed a landmark defense agreement last month which said aggression against either country represented aggression against both.
Last year, the two countries signed 34 MoUs worth $2.8 billion across multiple sectors.
