By Hamid Mahmood ISLAMABAD, May 23 (INP-WealthPK): Pakistan and Saudi Arabia have been allies for decades. In order to diversify its oil-dependent economy, Riyadh is striving to engage with South Asian countries, and Islamabad is ready to go beyond the security  and cooperation  with its long-time partner. Saudi Arabia's decision to prolong an agreement to fund exports of crude oil and oil derivatives and promote economic reforms were welcomed by Pakistan. The two sides also agreed to strengthen bilateral investment cooperation, encourage partnerships, and facilitate investment integration possibilities between their private sectors. According to WealthPK, Pakistan exported goods worth $412.35 million to Saudi Arabia in 2019, up by $24.68 million from the previous year to $437.04 million in 2020. The value of commerce between the two countries in 2021 was $4.17 billion, increasing by $1.84 billion (78.96 %) from the previous year. Trade volume hits $308.39 million in April 2022. This large trade volume indicates the two nations' strong bilateral connection. Pakistan's main exports to Saudi Arabia include rice, bovine meat, and home linens. Source: UN Comtrade Database/ WealthPK ResearchSaudi Arabia’s  participation in the CPEC projects in 2019 has undoubtedly promoted the CPEC's development. Saudi Arabia is also a major oil hub with a large Pakistani diaspora. In Pak-Saudi relations, there are several untapped possibilities. Furthermore, the government should promote SEZs and CPEC potential on a B2G and B2B level since their implementation would surely increase trade volume between Pakistan and Saudi Arabia.