Pakistan and Iran Pledge to Boost Bilateral Trade to $5 Billion

In a bid to improve business ties with their neighbors, Pakistan and Iran have agreed to promote the trade volume to $5 billion within the next five years

The development was announced at a recent meeting of the ninth Joint Trade Committee (JTC) in Tehran led by the Adviser on Commerce and Investment, Abdul Razak Dawood, and Iran’s Minister for Trade, Syed Reza Fatimi Amin.

Cooperation in transportation and the prospects of Pakistani companies investing in Iran were also discussed in the meeting, and it concluded with both sides agreeing to develop a Free Trade Agreement (FTA), honor the Pak-Iran Barter Trade agreement, and implement the JTC decision to attain positive and tangible results.

Adul Razak Dawood said that the agreement will pave the way to broad-based investment relations that will increase the trade volume and will strengthen connectivity in the region.

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“We want better trade relations with our brotherly Islamic country Iran. The ninth meeting of the Joint Trade Committee will be a milestone in this regard,” he explained.

Both the countries inked a Memorandum of Understanding (MOU) on exhibition cooperation.

Officials from the Ministry of Commerce, Pakistan Customs (FBR), the Government of Balochistan, and the Presidents of the Federation of the Pakistan Chambers of Commerce and Industry and the Quetta Chamber of Commerce and Industry accompanied by Adviser Dawood during the meeting.