Pakistan is setting up three markets in the area bordering Iran to improve bilateral trade, the Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, announced.
These three border markets are being established at Gabd, Mund, and Chedgi in Balochistan.
Pakistan and Iran had signed a memorandum of understanding (MoU) during the tour of the Minister of Foreign Affairs, Shah Mehmood Qureshi, to Iran in April.
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The new markets will also create economic opportunities for people, he said.
In the first phase of establishing the border markets, three will be set up in Kuhak-Chadgi, Rimdan-Gabd, and Pishin-Mand. Three more will be established in the second phase.
The adviser said, “These will not only enhance bilateral trade, but it would also provide economic opportunities and sustenance to people residing in the border areas”.
There is immense potential for bilateral trade between Pakistan and Iran but the actual trade is insignificant right now at $359 million, with exports worth $36 million and imports of $323 million.
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There are four traditional transportation modes available for trade between the countries but they have not been efficiently or economically utilized.
Iran is willing to start barter trade with Pakistan within the energy and agriculture sectors, and has the potential to export petrochemical, steel, and liquefied petroleum products to Pakistan; while Pakistan can export rice, meat, and other agriculture products to Iran.
