Pakistan Iran Free Trade Agreement to be signed in six months
Pakistan Iran Free Trade Agreement (FTA) is on the cards as two countries have pledged to finalize and sign Free Trade Agreement (FTA) to remove barriers in bilateral trade in next six months.
In order to increase bilateral trade both sides expressed their desire to finalize and sign the Free Trade Agreement within the next six months.
It was also discussed that the two sides decided to work together to opertionalise the Barter Trade as per the Agreement signed between Quetta and Zahidan Chambers.
Both sides further agreed to discuss removal of Tariff and Non-Tarrif Barriers to enhance bilateral trade. On the sidelines of the JEC , the apex Chambers of Commerce from the two sides decided for more freqeuent business to business integrations.
The 21st Session of Pak-Iran Joint Economic Commission was hosted by Pakistan from August 16-18, 2022. During the meetings, Federal Minister for Commerce, Syed Naveed Qamar said that Pakistan and Iran enjoy multi-dimensional relations.
Pakistan highly values its friendly and brotherly relationship with neighboring country Iran, which is time tested. The two countries have complete trust, mutual understanding and convergence of views on all bilateral, regional and international issues.
The Federal Minister for Commerce expressed these views while meeting with Iranian Minister for Roads and Urban Development Mr. Rostam Ghasemi along with a delegation of 57 dignitaries from Iran during the 21st Session of Pak-Iran Joint Economic Commission. Secretary, Economic Affairs Division, Mohammad Humair Karim and other senior officers of Ministry of Economic Affairs Division were also present.
Federal Minister for Commerce, Syed Naveed Qamar said that although current trade volume between the two countries does not commensurate with the true potential of the two countries, yet Pakistan is committed to take all possible measures to increase the bilateral trade volume to the level of $5 billion.
Moreover, in order to facilitate trade an additional border crossing point at Gabd (near to Gwadar)-Reemdan has recently been operationalized by Pakistan.
In addition, the purpose of agreement on International Transport between Pakistan and Iran aims to facilitate trade traffic from Turkey to Pakistan through Iran, while Iranian goods and passengers can have access to China through Pakistan.
Pakistan will have the benefits of access to other Central Asian Republics and Europe through Turkey with operationalization of the decisions taken in the 21st session of JEC.
Syed Naveed Qamar further stated that the Quetta-Taftan Road is trafficable, however for further improvement of road various, projects are being undertaken.
The Federal Minister Syed Naveed Qamar stressed upon the need of making visa conditions easier to facilitate the Pakistani traders and visitors.
