TEHRAN, Iran: Pakistan and Iran have agreed to formulate a five-year plan to increase bilateral trade from the existing $1 billion to $5 billion.
The agreement during the 7th meeting of Pakistan-Iran Joint Trade Committee held in Tehran on Wednesday.
The Minister for Commerce Khurram Dastgir Khan headed the Pakistani delegation while the Iranian side was led by the Minister for Industry, Mines and Trade Muhammad Reza Nematzadeh.
During the meeting, the two sides reviewed the present trade level and also agreed to form a working group to widen the scope of the 2006 Pak-Iran Preferential Trade Agreement.
The two sides urged the need for joint investment in agro-food processing and infrastructure, particularly in the field of establishing effective rail, air, road and sea links between the two countries.
They also called for opening new border trade-posts at Mand-Pishin and Gabd-Reemdan.
On the occasion, Khurram Dastgir Khan enunciated Prime Minister Nawaz Sharif’s vision to achieve shared prosperity through economic integration by enhancing trade, investment and connectivity of infrastructure and banking systems.
The commerce minister emphasized on early elimination of all non-tariff barriers between the two countries under the 2006 Preferential Trade Agreement.
Taking about the Iran-Pakistan gas pipeline, the minister said that Gwadar to Nawabshah gas pipeline was part of Pakistan-China Trade Corridor and was slated for early implementation.
Khurram Dastgir said that Pakistan will also arrange construction of the remaining portion of gas pipeline from Gwadar to Iran border thus paving way for import of Iran’s gas by Pakistan.
The Iranian commerce minister assured that hurdles and obstacles in the way of bilateral trade would be removed through effective measures. He also offered maximum facilitation for Pakistan’s private sector to hold and participate in trade exhibitions in Iran.
