ISLAMABAD: Pakistan and Iran on Tuesday reaffirmed their commitment to increase bilateral trade to $10 billion and accelerate negotiations on a free trade agreement as the two neighbouring countries moved to strengthen economic ties despite longstanding logistical and banking challenges.
The commitment was made during the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting in Islamabad, co-chaired by Commerce Minister Jam Kamal Khan and Iran’s Minister of Industry, Mine and Trade Mohammad Atabak.
Jam Kamal said Pakistan and Iran should transform their longstanding political and cultural relations into a stronger economic partnership by removing barriers to cross-border trade.
He called for the early finalisation of the Pakistan-Iran Free Trade Agreement and stressed the need to address issues related to border logistics, customs procedures and cargo movement to facilitate bilateral commerce.
The commerce minister said the establishment of joint border markets and the introduction of an Electronic Data Interchange (EDI) system would significantly enhance trade between the two countries.
He added that the private sectors of Pakistan and Iran were prepared to expand commercial cooperation if both governments ensured a predictable and business-friendly environment.
Jam Kamal expressed confidence that the 10th Joint Trade Committee meeting would produce a practical roadmap for strengthening economic cooperation.
Iranian Minister Mohammad Atabak described Pakistan as Iran’s long-term strategic trade partner and expressed interest in expanding regional trade and logistics cooperation through Karachi and Gwadar ports.
He also expressed optimism that negotiations on the free trade agreement would be concluded at the earliest and identified electricity trade and regional connectivity as key sectors offering new economic opportunities for both countries.
Both sides reaffirmed their commitment to promoting bilateral trade, investment, regional connectivity and stronger cooperation between the private sectors of Pakistan and Iran.