Pakistan and Saudi Arabia have discussed accelerating the signing and implementation of the Pakistan-GCC Free Trade Agreement. Islamabad sees the proposed pact as an opportunity to improve market access and create new openings for exporters. Federal Commerce Minister Jam Kamal Khan discussed the agreement with Saudi Arabia’s newly appointed ambassador to Pakistan, Dr Rajeh Albugamy. The meeting took place at the minister’s Islamabad office on Friday, according to an official statement issued on Saturday. Kamal said the agreement could expand bilateral trade and strengthen economic engagement. Both sides placed its early signing and implementation among their priorities for closer commercial cooperation. Welcoming the ambassador, the minister reaffirmed Pakistan’s historic and deep-rooted relationship with Saudi Arabia. He also acknowledged the Kingdom’s special significance as custodian of the Haram. Kamal said Pakistan had worked consistently over the past three years to strengthen these ties. Those efforts covered government-to-government contacts, business-to-business partnerships and people-to-people engagement. He linked opportunities for greater economic integration to Saudi Arabia’s diversification programme under Vision 2030. Pakistan’s production capacity and industrial capabilities, he said, offered scope for cooperation as the Saudi economy develops new sectors. The minister identified higher production, better product quality and modern technology as areas where businesses could collaborate. He also stressed the need to improve industrial competitiveness. Such cooperation could help Pakistani companies meet Saudi market requirements while generating benefits for businesses in both countries. Kamal called for a broader Pakistani export base and stronger private-sector partnerships to turn expanding engagement into measurable trade results. Albugamy reaffirmed the enduring bonds of brotherhood between the two countries and pledged continued support for stronger bilateral economic relations. He highlighted opportunities to improve regional connectivity and deepen cooperation, particularly in agriculture. The ambassador also committed to maintaining close contact with the Ministry of Commerce. That engagement would support economic cooperation and help identify further opportunities for mutually beneficial partnerships. Both sides agreed to regular coordination and follow-up discussions on trade, investment and agriculture. Their shared objective was to translate longstanding friendship into stronger economic ties. The latest discussions follow earlier progress on the wider Gulf trade pact. Pakistan and the GCC concluded their final negotiating round at the GCC headquarters in Riyadh from September 26 to 28, 2023. At that stage, Pakistan’s government said internal administrative and approval procedures would precede formal signing and entry into force. The distinction remains relevant as officials continue to seek early implementation. The GCC Secretariat subsequently confirmed that the agreement had been initialled on September 28, 2023. GCC Secretary-General Jasem Mohamed Albudaiwi and Deputy Prime Minister Ishaq Dar reviewed developments concerning the pact in New York on September 22, 2025. The statement on the latest Islamabad meeting announced no signing date or implementation timetable.
SECP Marks 39,704 Companies Inactive, Restricts Banking
The Securities and Exchange Commission of Pakistan (SECP) has marked 39,704 companies “Inactive by Registrar” over four years of missing filings. The action restricts their access to banking and financial services until they restore compliance. The regulator announced the decision on Saturday after the companies failed to submit annual returns and/or financial statements. It said the move would improve the corporate register’s reliability and help prevent misuse of dormant companies. “The inactive status will appear in the SECP’s system and be visible to banks and other stakeholders. These companies will not be able to open new bank accounts until they file their overdue documents with the SECP and regain active status. They will also be unable to access financial services or register changes in their directors,” its statement read. Lahore accounted for the largest number of inactive companies, with 13,927, followed closely by Islamabad with 13,859. Karachi recorded 4,868 companies, while Peshawar had 2,031 and Multan 1,861. The remaining companies included 1,384 in Faisalabad, 1,102 in Gilgit, 436 in Quetta and 236 in Sukkur. Together, Lahore and Islamabad accounted for 27,786 companies, almost 70% of the total affected by the action. The Companies Act, 2017 requires companies to file annual returns and, where applicable, financial statements. These documents keep public records of company ownership and management current. SECP’s published guidance explains that an annual return provides a snapshot of a company’s information. This includes its registered office, members, share capital and key officers. The guidance identifies Section 130 of the Act as the legal basis for annual returns. “Prolonged non-filing weakens the corporate register and can hinder efforts to prevent money laundering and terrorist financing,” the SECP said. The enforcement action comes as Pakistan’s corporate register continues to expand. The affected companies represent approximately 12.5% of the 317,002 companies registered by the end of September 2026. “The corporate register continues to grow. Pakistan had 317,002 registered companies at the end of September 2026. The SECP registered 43,559 new companies in the previous financial year, 24% more than the year before. Company name reservation and incorporation are now fully digital, and 99.9% of new companies are registered online.” The figures highlight the scale of the regulator’s task as new registrations increase alongside efforts to address prolonged non-compliance. Companies covered by the action must submit their overdue documents and regain active status to remove the stated restrictions. “A clean and credible registry is the bedrock of trust in the corporate sector. SECP is protecting the integrity of the financial system while giving companies a clear opportunity to return to compliance,” SECP Chairman Dr Kabir Ahmed Sidhu said.
