Islamabad: The officials of Pakistan and Iran on Saturday (November 06) have reached an agreement to raise bilateral trade volume to USD 5 billion over the next five years, according to news sources.
As per a joint statement published by the delegates on their visit to Iran, both countries expressed intent to expand collaboration in a variety of fields to develop commercial opportunities and bilateral trade. According to the details, during the ninth meeting of the Iran-Pakistan Joint Trade Committee, the two countries decided that all barriers to hinder free trade will be removed in the next three months and industries will be identified where cooperation may be enhanced. On the occasion, Advisor to the Prime Minister on Commerce Abdul Razak Dawood stated that Pakistan and Iran have agreed to barter trade in rice, build border markets, transit Pakistani trucks under TIR, and cooperate in customs.
In addition to this, the Iranian Minister of Industry, Mines and Trade Reza Fatemi Amin said that both countries would explore cooperation in the areas of home appliances and dairy. It is worth noting that Pakistan and Iran signed a Preferential Trade Agreement (PTA) in 2006 to reach USD 5 billion in trade by 2021. However, due to a lack of banking channels and other issues, the trade could only reach USD 360 million.
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