Economic, other areas: Pakistan & Iran to discuss framework of cooperation with China

ISLAMABAD: Pakistan and Iran are all set to discuss the framework of trilateral cooperation with China in economic and other areas including Bilateral Investment Treaty (BIT), well informed sources told Business Recorder.

An Iranian Investment delegation of Organization for Investment, Economic & Technical Assistance of Iran (OIETAI) will be reaching Pakistan to discuss different options of cooperation in economic matters.

The delegation will hold meetings with Minister for Investment, Minister for Industries and Production, Secretary Commerce Secretary Petroleum and Natural Resources, Secretary Power, besides attending 3rd meeting of Pakistan Iran Joint Investment Committee.

Pakistan, Iran locked in big embrace

The sources said third session of Pakistan-Iran Joint Investment Committee (JIC) will focus on the following agenda: (i) discussion on areas of trilateral cooperation between Pakistan, Iran and China;(ii) discussion to identify and define cooperation models in the field of investment with focus on financial and banking interaction, beside specific discussion on Pakistan Iran (PAIR Investment Company);(iii) exchanging information and investment opportunities between Pakistan and Iran;(iv) discussion on Memorandum of Understanding (MoU) for joint cooperation on establishment of joint free zone on Gabd-Reemdan border; and (v) negotiations on Pakistan-Iran Bilateral Investment Treaty (BIT).

The sources said discussion with relevant Pakistani authorities will be held to identify and define areas of cooperation.

Pakistan recently approved bilateral trade with three countries including Iran where banking channels are not available due to international sanctions.

According to the notification, importable items from Iran are as follows: (i) Fruits, Nuts and Vegetables;(ii) Spices;(iii) Minerals & Metals;(iv) coal and its products, Petroleum Crude Oil, LNG and LPG;(v) Misc. Chemical Products;(vi) Fertilizers;(vi) article of Plastics and Rubber (in primary form);(vii) Raw Hides and Skins;(viii) Raw Wool; and (ix) Articles of Iron & Steel.

The exportable items under barter trade mechanism are as follows: (i) Milk, Cream, Eggs and Cereals; (ii) Meat and Fish products;(iii) Fruits and Vegetables;(iv) Rice;(v) Confectionary and Bakery items;(vi) Salt; (vii) Pharmaceutical products;(viii) Essential Oils, Perfumes, Cosmetics, Toiletries, Soaps, Lubricants, Waxes and Matches;(ix) Tanning, Dying Extracts and Misc. Chemicals products;(x) Plastics and Rubber Articles; (xi) Finished Leather & Leather Apparel; (xii) Articles of Wood; (xiii) Articles of Paper & Paper Board; (xiv) Textiles (Intermediates); (xv) Readymade Garments, Textile’s Made-ups and Carpets; (xvi) Footwear; (xvii) Iron and Steel;(xviii) Copper and Articles thereof;(xix) Aluminum and articles thereof;(xx) Tool and Cutlery;(xxi) Electric Fans and Home Appliances; (xxii) Electrical equipment; (xxiii) Motorcycles and Tractors - excluding components.; (xxiv) Surgical Instruments; (xxv) Furniture and ;(xxvi) Sports Goods.

Last week, China, Pakistan and Iran held trilateral security discussions on regional security particularly threat of terrorism in the region as China has pledged huge investment in Iran.

Both Pakistan’s Prime Minister and Iranian President also held a high level meeting in Gwadar last month wherein different bilateral issues came under discussion.

Copyright Business Recorder, 2023