Pakistan, Iran Reaffirm $10 Billion Bilateral Trade Target

ISLAMABAD: Pakistan and Iran have renewed their commitment to increase bilateral trade to $10 billion and strengthen cooperation in trade, investment and the private sector.

The commitment was made during the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting, co-chaired by Commerce Minister Jam Kamal Khan and Iranian Minister of Industry, Mine and Trade Mohammad Atabak.

Atabak called Pakistan a long-term strategic trading partner and said Iran wanted to expand trade and logistics cooperation through the ports of Karachi and Gwadar.

He also expressed hope that the Pakistan-Iran Free Trade Agreement (FTA) would be finalised soon. He said electricity trade and regional connectivity could create new economic opportunities for both countries.

Jam Kamal Khan said the two countries needed to turn their historic relationship into a stronger economic partnership. He stressed the need to finalise the FTA and remove hurdles related to border logistics, customs procedures and cargo movement.

The minister said joint border markets and electronic data interchange systems could help increase trade between Pakistan and Iran.

He added that the private sectors of both countries were ready to expand business ties, while governments should provide a stable and business-friendly environment.

An Iranian delegation led by Minister Atabak arrived in Islamabad on Monday night for a two-day visit. The delegation included 22 Iranian officials and a 16-member business group representing sectors such as food, agribusiness, logistics, shipping, transport, energy and manufacturing.

The two sides expressed hope that the meeting would help create a practical roadmap to strengthen economic cooperation and increase trade between Pakistan and Iran.