Pakistan, Iran decide to increase bilateral trade to US$5 billion in next five years


ISLAMABAD, Nov 07 (APP):Pakistan and Iran has decided to increase bilateral trade volume to US$5 billion in next five years at high level meeting during the visit of Adviser to Commerce and Investment, Abdul Razak Dawood along with the senior business leaders.

Advisor Commerce said that it was important to make the trade and investment relations more broad based, said a press release issued here on Sunday. Adviser Commerce, Abdul Razak Dawood met with Iran’s Minister for Industry, Mining and Trade, Syed Reza Fatimi Amin at Tehran, Iran before the meeting of the 9th Joint Trade Committee (JTC).

Minister of Industry, Mine and Trade of Iran Fatemi Amin and Adviser to the Prime Minister on Commerce and Investment of Pakistan, Abdul Razak Dawood, have co-chair the meeting to discuss all trade issues and progress made after the 8th meeting held in 2019 in Islamabad.

They discussed matters relating to trade and investment between the two countries and resolved to translate the decisions of 9th JTC into positive and tangible outcomes. The Iranian Minister invited Pakistani companies to invest in Iran.

Earlier last Friday the Adviser Commerce left for Iran on a two day visit to negotiate on bilateral trade and investment with Iranian government. Pakistan and Iran have agreed to start initial talks on the Free Trade Agreement (FTA) and other important issues of trade for increasing the bilateral trade volume and investment opportunities.

Both of the neighboring countries have discussed barter trade, cooperation in transportation, Free Trade Agreement, construction of border markets and other issues affecting bilateral trade. The 9th Joint Trade Committee (JTC) meeting between Islamic Republic of Iran and Islamic Republic of Pakistan was held on November 6-7 2021-at Tehran.

An Memorandum of Understanding (MOU) on exhibition cooperation has also been signed between the two countries. Officials from the Ministry of Commerce, Pakistan Customs (FBR), Govt of Balochistan and Presidents of Federation of Pakistan Chambers of Commerce and Industry and Quetta Chamber of Commerce and Industry were accompanied by the Adviser for the meeting.

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