ISLAMABAD: Pakistan and Iran have reaffirmed their commitment to increase bilateral trade to $10 billion as the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting began in Islamabad on Tuesday.
Federal Minister for Commerce Jam Kamal Khan and Iran’s Minister of Industry, Mine and Trade Dr Mohammad Atabak co-chaired the meeting. The Iranian delegation also included a 16-member business team from the Iran Chamber of Commerce.
The meeting reviewed progress on the proposed Pakistan-Iran Free Trade Agreement (FTA) and discussed measures to promote bilateral trade, investment, customs cooperation, banking collaboration and cross-border trade.
Both sides also exchanged views on expanding private-sector engagement and strengthening business-to-business cooperation during the Iranian delegation’s visit.
Speaking at the meeting, Jam Kamal Khan said the time had come to transform the two countries’ historic brotherly ties into a strong economic partnership.
He stressed the need to finalize the Pakistan-Iran FTA at the earliest and called for removing barriers to border logistics, customs procedures and cargo movement.
The commerce minister said the establishment of joint border markets and the introduction of electronic data interchange would significantly increase bilateral trade, adding that while the private sectors of both countries were ready for greater trade, governments must provide a stable and reliable business environment.
He expressed confidence that the 10th JTC meeting would produce a practical roadmap to take bilateral economic cooperation to new heights.
Atabak described Pakistan as Iran’s long-term strategic trade partner. He expressed a desire to expand regional trade and logistics cooperation through the ports of Karachi and Gwadar and voiced hope that the Pakistan-Iran FTA would be finalised soon.
Dr Atabak also identified electricity trade and regional connectivity as new opportunities for economic cooperation between the two countries.
