A Committee for Economic Co-operation will be set up soon to pursue the implementation of seven-nation agreement and create what the signatories described as "platform for fostering economic relations and commerce" between Pakistan and GCC.
These are the crucial points of a detailed statement made by Foreign Minister Khurshid Mahmud Kasuri and GCC General Secretary Abdulrahman al-Attiya read out at a news conference here on Friday.
Six oil-owning nations of the Arabian peninsula, Muscat, Oman, United Arab Emirates, Qatar, Bahrain, Kuwait and Saudi Arabia, are members of the Gulf Co-operation Council who contracted with Pakistan to develop and enhance co-operation among themselves on the basis of what Attiya and Kasuri described as "mutual interest".
They said these include expansion and liberalising trade, trade relations, joint ventures and corporate investment".
Commending the MoU, Kasuri said Pakistan and GCC had shown awareness of each other's concerns and it would introduce "greater warmth and vitality in their relations".
He said the visit of the GCC leaders would "go a long way in further strengthening co-operation" between and Pakistan and the GCC countries.
Kasuri said ties of culture, faith, trust and confidence bind the seven nations and the new arrangements will pave the way for Pakistan's dialogue partnership. GCC had bestowed that status on Pakistan by signing an agreement here Thursday evening.
Both leaders confirmed to the newsmen that they had discussed a variety of subjects facing the Muslim world including the situation in Iraq, Afghanistan, the problems of Palestine and Kashmir and also the situation of current composite dialogue between Islamabad and New Delhi.
Attiya said the GCC supported the United Nations resolutions on Iraq and Palestine and added that their dealings with India would not reflect on their relations between the six Council nations and Pakistan.
Kasuri described the relationship with the Gulf nations as "strategic one" and had cultural, economic and political basis.
He said that Pakistan had supported the proposal by Prince Abdullah of Saudi Arabia for solution of the Palestine question and wanted peace in the Middle East as it wanted peace in the South Asian region by resolution of Kashmir issue.
On its attitude towards Iraq, Attiya said that the Gulf Council nations supported the sovereignty and territorial integrity of that country and deplored the deaths of the civilian population.
He said the Gulf Council nations also support Pakistan's role against "terrorism" and peace in the region.