ISLAMABAD: Riyadh and Islamabad are close to finalizing a wide-ranging economic cooperation framework, Pakistan’s ambassador to Saudi Arabia Ahmad Farooq said on Sunday, with the plan expected to be signed during a visit by Crown Prince Mohammed bin Salman.
The framework was first agreed upon in October 2025 during Prime Minister Shehbaz Sharif’s visit to Riyadh with the goal of strengthening trade and investment ties. Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki previously told Arab News Riyadh was preparing to sign a strategic economic pact with Pakistan “soon.”
Speaking to Arab News in an online interview, Farooq said working groups from both countries were given 90 to 100 days to prepare the plan and contact had continued since.
“The plan is almost finalized and we are hoping that when the visit of his royal highness the crown prince takes place to Pakistan, it would be signed during that visit,” Farooq said.
He did not specify when the crown prince would travel to Pakistan. A Pakistani foreign office spokesperson earlier said the visit is expected later this year. Riyadh has not yet confirmed the visit.
ECONOMIC PLAN
The economic framework aims to tackle Pakistan’s persistent trade deficit and boost its export capacity. A joint statement issued after Sharif’s October 2025 meeting with the crown prince outlined several strategic projects, including energy, industry, mining, information technology, tourism, agriculture and food security.
“The focus of the economic cooperation framework is to make Pakistan a trade surplus nation,” Farooq said, noting the trade deficit is a central economic challenge. “So, the focus of this plan is to help Pakistan become a trade surplus nation over the next 14 years.”
Farooq emphasized that the framework is not limited to Pakistan-Saudi trade.
“This is not just focused on trade between Pakistan and Saudi Arabia, but it is aimed at Pakistan’s global trade with the rest of the world,” he said. “So, the Kingdom is supporting us to increase our overall exports so that we are able to become economically resilient.”
Pakistan and Saudi Arabia have enjoyed cordial relations for decades but have recently sought closer economic and defense cooperation. In September, both nations signed a strategic defense pact under which an attack on one would be treated as aggression against both.
In 2024, they signed 34 memoranda of understanding worth $2.8 billion across multiple sectors to strengthen trade and business relations.
Farooq concluded: “The plan is designed to strengthen our economic partnership and make Pakistan more resilient in the years to come.”
