TEHRAN: Pakistan and Iran have agreed to increase bilateral trade volume to five billion dollars in the next five years. This understanding came at the 9th Pak-Iran Joint Trade Committee meeting, chaired by Adviser on Commerce and Investment Abdul Razak Dawood and Iran's Trade Minister Syed Reza Fatimi Amin in Tehran.
During the meeting, the two sides discussed matters relating to bilateral trade and investment and resolved to translate the decisions of 9th Joint Trade Committee into positive and tangible outcomes.
Abdul Razak Dawood, on the occasion, stressed the need to make the trade and investment relations more broad based.
In his tweet, Abdul Razak Dawood said he is happy to announce the conclusion of the meeting of Joint Trade Committee today between Pakistan and Iran, in which both the countries have agreed on barter trade-in rice, construction of border markets, movement of Pakistani trucks under TIR, and Customs cooperation.
Pakistan, Iran discuss ways to promote bilateral trade
"These measures will not only increase our exports, but they will also enhance trade and connectivity within the region."
Minister of Industry, Mine and Trade of Iran Fatemi Amin and Adviser to the Prime Minister on Commerce and Investment of Pakistan, Abdul Razak Dawood, have co-chaired the meeting to discuss all trade issues and progress made after the 8th meeting held in 2019 in Islamabad.
They discussed matters relating to trade and investment between the two countries and resolved to translate the decisions of 9th JTC into positive and tangible outcomes. The Iranian Minister invited Pakistani companies to invest in Iran.
Earlier last Friday the Adviser Commerce left for Iran on a two-day visit to negotiate on bilateral trade and investment with Iranian government. Pakistan and Iran have agreed to start initial talks on the Free Trade Agreement (FTA) and other important issues of trade for increasing the bilateral trade volume and investment opportunities.
Both of the neighbouring countries have discussed barter trade, cooperation in transportation, Free Trade Agreement, construction of border markets and other issues affecting bilateral trade. The 9th Joint Trade Committee (JTC) meeting between Islamic Republic of Iran and Islamic Republic of Pakistan was held on November 6-7 2021-at Tehran.
A Memorandum of Understanding (MOU) on exhibition cooperation has also been signed between the two countries. Officials from the Ministry of Commerce, Pakistan Customs (FBR), Govt of Balochistan and Presidents of Federation of Pakistan Chambers of Commerce and Industry and Quetta Chamber of Commerce and Industry were accompanied by the Adviser for the meeting.