ISLAMABAD, Sept 25: After a lapse of five years, Pakistan and Saudi Arabia will resume crucial talks on Wednesday to work out consensus especially on the Riyadh proposed offer of loan and oil facility to bail Islamabad out of its financial and energy crisis.

A high-powered official Saudi delegation arrived here on Tuesday to discuss various issues especially seeking Saudi support in finalisation of Pak-Gulf Cooperation Council (GCC) negotiations on free trade agreement and investments in various sectors.

A well-placed source told Dawn that the two sides will take up issues ranges from trade to investment and cooperation in energy during the two-day 9th Joint Ministerial Conference in Islamabad.

Saudi Minister for Commerce and Industry Dr Taufeeq Ar-rabeea and Pakistan’s Commerce Minister Amin Fahim will head the meetings.

An official in the commerce ministry said that the technical groups of the two countries will evolve the agenda ahead of the start of the meeting.

However, the official said that the issues related to cooperation in banking, industry, investment, power sector, energy, petroleum products and infrastructure will be discussed at length during the two days.

The Saudi government has already hinted to offer oil facility to help Pakistan reducing pressure on its balance of payment problems. The rise in oil price in international market has significantly increased pressures on Pakistan’s reserves.

At the same time, both sides will hold technical session on human resource, education, media, and culture and security issues.

The Saudi government has already hinted to consider scholarships for Pakistani students to study in Saudi universities as well as recruiting doctors and engineers.

Saudi Arabia has already started Urdu news bulletin on state-run TV.

This would keep the 1.5 million strong expatriate community of Pakistan abreast of developments taking place both in the world as well as in Pakistan.

Pakistan, according to the official, will also seek Saudi government’s support to accelerate the process of Pak-GCC for early finalisation of the proposed free trade agreement (FTA).

Pakistan has launched the talk on the FTA with GCC, but not a tangible progress has been made in the talks. However, no progress has been made in this agreement which will provide markets to Pakistani goods in the Arab states.

According to the official, Pakistan is also eying to finalise a bilateral trade with Saudi Arabia on trade and investment.

At the end of the meeting, the official said the two sides will sign a memorandum of understanding, agreements in various sectors.