Shafaqna Pakistan: Pakistan and Iran have agreed to raise their bilateral trade volume to $10 billion after making significant progress in talks on trade, investment and broader economic cooperation.
The understanding was reached during the 10th session of the Pakistan-Iran Joint Trade Committee in Islamabad, co-chaired by Pakistan’s Commerce Minister Jam Kamal Khan and Iran’s Minister for Industry and Trade.
According to the Ministry of Commerce, the three-day negotiations focused on several key areas of economic collaboration, with both sides agreeing on a range of measures to boost bilateral trade and strengthen commercial relations.
The ministry added that technical committees will continue working to ensure the prompt implementation of the decisions reached during the committee’s deliberations.
A major outcome of the meeting was the agreement to raise bilateral trade between Pakistan and Iran to $10 billion. Both countries also made important progress on the rules governing their trade agreement and mechanisms for reducing tariffs.
The two sides agreed to strengthen business-to-business (B2B) links and expand and improve the barter trade system to facilitate commercial exchanges between the neighbouring countries.
Barter trade has particular significance for Pakistan and Iran as both countries seek to overcome challenges associated with conventional cross-border payment mechanisms and expand legal trade channels.
The Ministry of Commerce further said Pakistan and Iran had agreed to accelerate the process for the opening of the Chadgai-Kohak border market, which is expected to provide additional opportunities for traders and local businesses on both sides of the border.
The two countries also decided to establish joint committees for the effective management of border markets, with the objective of improving coordination and facilitating trade activities.
The latest developments come as Islamabad and Tehran seek to deepen their economic relationship and increase formal bilateral trade through improved market access, reduced trade barriers and stronger private-sector engagement.
Officials said the implementation of the agreed measures would be important for translating the latest commitments into increased trade and investment between the two neighbouring countries.
Source: Dunya News
