Pak-Iran trade reaches $3b, on way towards $10b target

Pakistan and Iran have said that it is heartening to see that trade between the two countries has reached $3 billion and the $10 billion target is achievable through mutual efforts and people-to-people linkages.

The remarks were made by Iran's Minister of Industry, Mine and Trade Seyyed Muhammad Atabak and Pakistan's Minister of Commerce Jam Kamal Khan, who was leading a delegation, in a meeting in Tehran. Atabak offered condolences and sympathies to the flood-hit families who lost their loved ones. "Since the visit of President Dr Pezeshkian to Pakistan, our bilateral trade has improved a lot. Our trade target of $10 billion is achievable through mutual efforts and enhanced people-to-people contacts," he said.

Both the ministers stressed the need for promoting barter trade, signing a Free Trade Agreement (FTA) and activating border markets, which were termed very crucial for deepening ties.

The two sides were working on the finalisation of a list of commodities to be shared with each other. They also agreed on enhancing connectivity through improved road and rail infrastructure and port development.

Referring to the visit of Dr Pezeshkian to Pakistan, Jam Kamal stressed that it was a testimony to the government of Iran's trust in Pakistan. "Consistent visits on both sides show our progressive approach to achieve the trade target," he remarked.

Tuesday's meeting of the Joint Economic Commission will find a way to remove impediments and facilitate trade activities. "Our trade figures have reached $3 billion, which is very heartening," Jam Kamal said.

As per the vision of Prime Minister Shehbaz Sharif, he said, the private sector was being facilitated to enhance the trade volume. In recent months, exports of Pakistani rice and meat have increased significantly.

The Iranian delegation comprised Dehghan Dehnavi, Head of the Trade Promotion Organisation, Abdol-Sadeh Neisi, Director General of the East Asia Office, Trade Promotion Organisation, and other high officials. Commerce Minister Jam Kamal and Iran's Minister of Roads and Urban Development Farzaneh Sadegh on Monday formally inaugurated the 22nd meeting of the Joint Economic Commission in Tehran.

In his inaugural remarks, Jam Kamal said, "Pakistan attaches high value to its relations with Iran. Trade and investment is the core of our trade policy. The private sector and chambers of commerce should play an active role in enhancing the trade volume."

Pakistan's government is fully committed to supporting and facilitating the private sector in doing business with Iran. Mutual cooperation in services, agriculture and animal husbandry, scientific research and food security could bring benefits to the region, he said.

The commerce minister pointed out that regional connectivity through roads, rail, maritime and air could prove to be a game changer and serve as a gateway to the Central Asia, South Asia and Middle East.

He added that the materialisation of such projects would create job opportunities and foster economic activities.

Farzaneh Sadegh, while welcoming the participants, highlighted the importance of the Joint Economic Commission. She said that deliberations in these sessions would lead to roadmaps for the future and follow-up meetings would definitely bring results.

She pointed out the steps that would be taken for ease of doing business, visa facilitation, border markets and the banking sector.

Both officials emphasised that in the present scenario the two countries could benefit from their experiences in water management, disaster management and mitigating the impact of environmental change.

On the sidelines of the joint commission sitting, Jam Kamal held a comprehensive bilateral meeting with Farzaneh Sadegh. Both ministers were accompanied by senior officials and their respective delegations.

The two sides reviewed progress on key areas of cooperation including road and rail connectivity, facilitating border markets, sharing customs data and enhancing maritime services. They underlined the importance of improving cross-border infrastructure to boost trade and people-to-people linkages.