Pakistan, Iran Trade Ties

Pakistan, Iran Trade Ties

ISLAMABAD: Pakistan and Iran have pledged to finalise and sign a free trade agreement (FTA) within six months to remove barriers and increase bilateral trade.

The two sides decided to work together to adopt a barter trade system as per an agreement signed between the Quetta and Zahidan Chambers of Commerce.

They agreed to discuss the removal of tariff and non-tariff barriers to enhance bilateral trade.

On the sidelines of the Joint Economic Commission meeting, the apex chambers of commerce from the two sides agreed on more frequent business-to-business exchanges as well as integration.

The 21st session of Pak-Iran Joint Economic Commission was hosted by Pakistan from August 16-18, 2022.

During the meetings, Federal Minister for Commerce Syed Naveed Qamar said that Pakistan and Iran enjoyed multi-dimensional relations and Pakistan highly valued its friendly and brotherly relationship with the neighbouring country.

“The two countries have complete trust, mutual understanding and convergence of views on all bilateral, regional and international issues,”
he said.

The commerce minister expressed these views while meeting Iranian Minister for Roads and Urban Development Rostam Ghasemi along with a delegation of 57 dignitaries during the Joint Economic Commission meeting.

Economic Affairs Division Secretary Mohammad Humair Karim and other senior officers of the Ministry
of Economic Affairs were also present.

Naveed Qamar said that although the current trade volume between the two countries did not commensurate with the true potential, Pakistan was committed to taking all possible measures to
increase the bilateral
trade volume to the level of $5 billion.

Moreover, in order to facilitate trade, an additional border crossing point at Gabd (near Gwadar) has recently been operationalised by Pakistan.

In addition, the purpose of an agreement on international transport between Pakistan and Iran is to facilitate trade traffic from Turkey to Pakistan through Iran, while Iranian
goods and passengers can have access to China through Pakistan.

Pakistan will have the benefits of access to the Central Asian Republics and Europe through Turkey with implementation of the decisions taken in the 21st session of the Joint Economic Commission.

Naveed Qamar stated that the Quetta-Taftan road was suitable for traffic but for further improvement of the road, various projects were being undertaken.

The federal minister stressed the need for making visa conditions easier to facilitate Pakistani traders and visitors.­­

Pakistan, Iran Trade Ties

Published in The Express Tribune, August 19th, 2022.

August 19, 2022

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