Pak-Iran meeting: Officials agree on enhanced bilateral trade

Will formulate five-year trade facilitation plan.

ISLAMABAD: Delegations from Pakistan and Iran reviewed the present trade level of both countries and agreed to formulate a five-year facilitation plan to increase bilateral trade from current level of $1 billion to $5 billion.

This was decided in Tehran during the seventh meeting of the Pakistan-Iran Joint Trade Committee on Wednesday.

Minister for Commerce Khurram Dastgir Khan headed the Pakistani delegation, while the Iranian side was led by Minister for Industry, Mines and Trade Mohammad Reza Nematzadeh.

According to a release, both sides also agreed to form a working group to devise a substantial widening of the 2006 Pak-Iran Preferential Trade Agreement. The two sides also reiterated the need for joint investments in agro-food processing and infrastructure, particularly in the field of establishing an effective rail, road and sea links between the two countries.



Dastgir enunciated Prime Minister Nawaz Sharif’s vision to achieve shared prosperity through economic integration by enhancing trade, investment and connectivity of infrastructure and the banking systems.

Dastgir expressed concern on arbitrary and unilateral import bans, high textile tariffs, and the import authorisation system. He emphasised early elimination of all non-tariff barriers between the two countries under the trade agreement.

“Pakistan will arrange construction of the remaining portion of the gas pipeline from Gwadar to Iran, thus paving way for import of Iran’s gas,” he said. The Iranian minister assured that hurdles and obstacles in the way of bilateral trade would be removed through effective measures.

He offered maximum facilitation for Pakistan’s private sector to hold and participate in trade exhibitions in Iran.

Earlier, Dastgir met Iranian Minister of Economy and Finance Dr Ali Tayyab Nia, focusing on establishing a banking channel to expedite trade.

Published in The Express Tribune, April 23^rd, 2015.

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