Pakistan and Iran are set to sign a Memorandum of Understanding (MoU) to safeguard mutual interests in international economic and financial organisations and institutions such as the World Bank and International Monetary Fund (IMF) along with enhancing Cupertino in many other sectors.
Iran-Pakistan Joint Economic Commission (JEC) scheduled to meet on January 26-27 in Islamabad will finalise negotiations prior to signing the MoU with the objective of extending Cupertino in different sectors. Sources maintained that MoU would enable both countries to increase credit lines by exporters of products and services and also for investors of each country.
Under MoU "contractual companies and consultant engineering firms of the two countries will be encouraged to enhance Cupertino by setting up joint ventures in order to participate in international contract projects and tenders to be implemented in third countries". Iran and Pakistan will facilitate exchange of information on the tenders in both countries to encourage expertise companies to participate in such tenders.
Both sides will also try to ensure harmonisation and uniformity in custom systems to improve custom techniques and mutual assistance within the framework of Customs Cupertino Agreement. "Exchange of economic and financial experts/specialists for paving the ground for bilateral and multilateral Cupertino will be ensured under MoU," sources said adding that necessary facilities will be offered for participation in specialised and international exhibitions with the purpose of presenting exportable products and services in both countries. "To boost Cupertino in banking with an objective of facilitating commercial and economic relations between two countries will also be top priority," sources said.
The two countries will cooperate in the exchange of information and experience concerning laws and regulations in the field of economic macro policies, banking, insurance, taxation, stock market, privatisation etc through seminars and workshops to be held in each country. "Private sector will be encouraged to cement commercial relations and joint investment in each country or third country," sources added.
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