ISLAMABAD: Pakistan and Iran have reaffirmed their commitment to increase bilateral trade to $10 billion, with both sides agreeing to strengthen economic cooperation, improve connectivity, and accelerate efforts toward a Free Trade Agreement, according to a statement from the Federal Ministry of Commerce.

The commitment was reiterated during the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting held in Islamabad on Tuesday under the joint chairmanship of Pakistan’s Federal Minister for Commerce Jam Kamal Khan and Iranian Minister for Industry, Mine and Trade Dr Mohammad Atabak.

Addressing the meeting, Jam Kamal Khan said, “The private sectors of both countries are ready to expand trade, adding that it is the responsibility of governments to provide a conducive, reliable and business-friendly environment.”

He said that transforming the relations between Pakistan and Iran into a strong economic partnership is the need of the hour and stressed the importance of the early finalization of the Pakistan-Iran Free Trade Agreement.

The commerce minister also underlined the need to remove bottlenecks in border logistics, customs procedures and cargo movement.

“The establishment of joint border markets and the introduction of an electronic data interchange system would significantly enhance bilateral trade,” he said.

Jam Kamal Khan expressed confidence that the outcomes of the 10th JTC meeting would provide a practical roadmap for taking economic cooperation between the two countries to new heights.

Speaking on the occasion, Iranian minister Dr Mohammad Atabak described Pakistan as Iran's long-term strategic trade partner and expressed his country's desire to expand regional trade and logistics cooperation through the ports of Karachi and Gwadar.

He also voiced hope for the early completion of the Pakistan-Iran Free Trade Agreement, while identifying electricity trade and regional connectivity as new avenues for economic cooperation.

At the conclusion of the meeting, both sides reiterated their commitment to further promoting bilateral trade, investment, connectivity and private sector cooperation to strengthen economic ties between Pakistan and Iran.

Joint Trade Committee

According to a statement from the Press Information Department on Monday, a 22-member high-level Iranian official delegation will attend the conference along with a 16-member business delegation led by the Iran Chamber of Commerce, Industries, Mines, and Agriculture.

The business delegation represents key sectors including food, agribusiness, logistics, shipping, transportation, energy and manufacturing, offering an opportunity to enhance private-sector engagement and business linkages between the two countries, it added.

The committee will review progress on bilateral trade initiatives and discuss measures to advance the Pakistan-Iran Free Trade Agreement, facilitate cross-border trade, strengthen customs and banking cooperation, improve transport and transit connectivity, and expand investment and commercial collaboration.

Articles tagged with "Pakistan Iran TRade"

Pakistan, Iran reaffirm commitment to boost bilateral trade to $10 billion

Pakistan, Iran reaffirm commitment to boost bilateral trade to $10 billion