ISLAMABAD, Sept 26: Pakistan and Saudi Arabia Joint Ministerial Commission (JMC) ended on Wednesday with no concrete commitments regarding oil facility on deferred payment or commitment of targeted investments in the hydro-projects.

The meeting that had been convened after a lapse of five years remained largely inconclusive as the two sides had nothing to announce at the news conference and preferred to reply few questions from journalists after signing minutes of the single-day meeting.

Saudi Minister for Commerce and Industry Tawfiq bin Fawzan Al-Rabeea said during the meeting both sides had evolved consensus on various issues, but he did not elaborate the details of any tangible progress in real terms.

Asked whether the Saudi government has considered the oil facility on deferred payment, the minister said that oil was traded among the commercial companies and the governments had nothing to do with it.

In the past, Saudi government had offered the oil facility to bail Islamabad out from economic crisis.

The Saudi minister, however, stressed that both countries had the potential to increase the bilateral trade. The bilateral trade between the two countries stood at $5 billion, he said, adding this volume can be increased further.

Commerce Minister Amin Fahim also said a broader understanding had been reached between the two countries. When asked the minister about the outcome of the conference in concrete terms, the minister was not clear but said things had moved in right direction.

The Saudi minister announced that early next year meetings at technical level followed by ministers would be held to explore cooperation in various field between the two countries.

Answering a question, he said that Saudi government was willing to finalise the free trade agreement of Pakistan with GCC countries. However, he said that prior approval from other six Gulf countries was mandatory for signing it.

During the technical discussions held in Islamabad, delegates from both countries presented various proposals to enhance bilateral trade and industrial development, joint ventures, promotion of banking, investment and energy.

Besides, discussion regarding export of labour to Saudi Arabia and exchange of youth delegations were also held.

According to the signed minutes, both sides agreed on resumption of talks on the draft agreement for promotion and protection of investments in both countries; facilitating necessary entry visas for businessmen in order to boost the trade and investment activity in both countries; invitation to Saudi investors to invest in hydropower projects.

It was also agreed to explore the possibility of entering into industrial cooperation including joint ventures in agriculture, light and heavy industry and petroleum sector; development of small and medium enterprises (SMEs) in Saudi Arabia to uplift this important sector of economy; initiating contacts between pharmaceutical and textile companies of both countries to explore areas of mutual interest and cooperation; collaboration in the insurance and financial sectors and early signing of agreement on security cooperation and MoU on drug smuggling.

The Saudi minister said that Saudi investors were considering potential sectors for investment in Pakistan including hydro projects. “We will increase our trade which is interest of the two countries”, he commented.