- These border markets will be established under the MOU that was signed between both countries in April 2021 to improve bilateral trade ties
As Pakistan and Iran continue to expand bilateral trade ties, three border markets are now being established at Gabd, Mund & Chedgi in Balochistan, near the Pakistan-Iran border, according to a recent tweet by Prime Minister’s Adviser for Commerce and Investment Abdul Razak Dawood.
According to a Memorandum of Understanding (MOU) that was signed between both countries in April 2021, border markets were to be established along the border to not only increase the volume of trade between Pakistan and Iran, but to also generate employment in the border areas.
In the first phase of this project, three markets were to open at the border points of Kuhak-Chadgi, Rimdan-Gabd and Pishin-Mand areas. Whereas, the second phase would involve establishing joint border markets in three other border points.
According to the MOU signed by both countries, these markets would be managed by the methods agreed upon by both Pakistan and Iran.
“These will not only enhance bilateral trade but it would also provide economic opportunities and sustenance to people residing in the border areas,” explained Razak Dawood in his tweet.
As Pakistan shares a 900-km long border with Iran, promoting trade relations with its neighbouring country is essential for opening up new opportunities for economic growth and investment in the region.
Moreover, Iran has expressed its desire to promote bilateral cooperation, as the Iranian President Hassan Rouhani hoped to further enhance bilateral relations with Pakistan in trade, connectivity, investment and border management in the past.