Pakistan and Iran agreed to take steps to increase annual bilateral trade volume to $5 billion by the year 2023.
Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood met Iranian Minister of Industry, Mines and Trade Reza Fatemi Amin in Tehran on the sidelines of the 9th Joint Trade Committee (JTC).
“Understanding of the new trade target was reached during the ninth meeting of Iran-Pakistan Joint Trade Committee held in Tehran,” read a communiqué issued by the commerce ministry on Saturday.
The Iranian Minister said Iran and Pakistan are determined to increase annual trade exchanges, adding that hurdles to the expansion of free trade between the two countries will be eliminated within three months. He offered to increase trade in the field of transportation, establish joint border markets, amplify the barter trade bucket and cut tariffs.
Joint trade committee
A joint trade committee has already been tasked to pave the ground for promoting trade ties between Iran and Pakistan. The joint committee will pursue issues such as the free trade agreement (FTA) as well as organizing exhibitions.
Amin also emphasized the need for accurate programming to provide Pakistani investors opportunities to invest in Iran, adding that his country was ready to remove any hurdles in the way of enhancing economic ties with Islamabad.
Adviser to the PM on Commerce Abdul Razak Dawood said Pakistan also wishes to promote bilateral trade with Tehran. The two countries have already signed agreements on strategic cooperation, he said, hoping that necessary steps will begin soon for the implementation of these agreements.
The meeting was attended by senior Iranian and Pakistani authorities as well as business and banking officials.
Dawood also met Iranian Agriculture Minister
Abdul Razak Dawood also met Minister of Agriculture of Iran, Dr. Seyed Javad Sadati Nejad and discussed a wide range of issues to promote agricultural cooperation between the two countries, according to the statement issued by commerce ministry.
The Advisor apprised Nejad about Pakistan government’s recent policy measures to reduce barriers in bilateral agricultural trade and emphasized the importance of mutual reduction of tariff and non-tariff barriers. Both sides called upon the need for strengthening regular exchanges and sharing of best practices between the two brotherly countries.