Islamabad: Pakistan and Iran have reaffirmed their commitment to strengthening bilateral trade, investment and connectivity, with both sides seeking to expand economic cooperation and improve cross-border trade.
The commitment was made during the 10th session of the Pak-Iran Joint Trade Committee (JTC), held in Islamabad from August 3 to 5. The meeting was co-chaired by Pakistan’s Commerce Minister Jam Kamal Khan and Iranian Minister of Industry, Mine and Trade Mohammad Atabak.
The two sides reviewed measures taken to facilitate bilateral commerce and discussed ways to further increase trade and investment. Pakistan also stressed the need to finalise the Pak-Iran Free Trade Agreement (FTA) and remove barriers affecting border logistics and cargo movement.
Mr Khan said the two countries should translate their longstanding relations into a stronger economic partnership. He called for greater cooperation in border trade, noting that joint border markets and electronic data interchange could help improve trade flows.
He said the private sectors of both countries were ready to expand commercial ties and urged both governments to provide a predictable and favourable business environment.
The Iranian minister described Pakistan as a long-term strategic trade partner and expressed Tehran’s interest in expanding regional trade and logistics cooperation through Karachi and Gwadar ports. He also called for the early conclusion of the Pak-Iran FTA.
The two sides also identified electricity trade and regional connectivity as potential areas for further economic cooperation.
Pakistan and Iran have set a target of increasing bilateral trade to $10 billion and have taken steps in recent months to facilitate formal cross-border commerce. These include easing customs procedures, establishing new customs and border facilities, and notifying transit routes for the movement of goods between the two countries.
Both sides reaffirmed their commitment to strengthening cooperation in trade, investment, connectivity and private-sector partnerships.
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