Islamabad: Pakistan and Saudi Arabia have agreed to launch an Economic Cooperation Framework.

According to Radio Pakistan, this agreement was reached during a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud in Riyadh yesterday.

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 in a manner that fulfills the aspirations of their leaderships and the brotherly peoples of both nations and serves their mutual interests.

The framework is based on the two countries’ shared economic interests and reaffirms their mutual desire to strengthen trade and investment relations to serve their common interests. As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment, and development fields that will contribute to strengthening cooperation between the two governments, enhancing the pivotal role of the private sector, and increasing trade exchange between the two countries.

Priority sectors include energy, industry, mining, information technology, tourism, agriculture, and food security. Both sides are currently studying several joint economic projects, including signing a Memorandum of Understanding for the electricity interconnection project between the Kingdom and Pakistan, in addition to a signing of a Memorandum of Understanding for cooperation in the field of energy between the two nations.

The leaders of the two countries also look forward to convening the meeting of the Saudi Pakistani Supreme Coordination Council.