Iran, Pakistan vow to take trade volume to $10bn

Investment minister Qaiser Ahmed Sheikh met Iranian Ambassador Reza Amiri Moghadam here on Thursday and discussed ways to strengthen bilateral economic cooperation and address key issues related to trade, investment and regional connectivity.

 

Both reaffirmed the commitment of their countries to taking the volume of the bilateral trade to $10 billion in the coming years.

 

They noted that the SEZ initiative, particularly around the Rimdan-Gabd border region, along with previously agreed border markets, will play a pivotal role in improving livelihoods in border areas and boosting cross-border commerce.

 

Both sides appreciated the leadership and diplomatic efforts of Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir in promoting regional peace and stability during recent challenging circumstances. The minister also congratulated the Iranian leadership on the successful conclusion of the recent conflict, while the ambassador appreciated Pakistan’s constructive role and continued support.

 

The discussions focused on enhancing economic relations in light of the already signed memorandum of understanding between Pakistan and Iran for the establishment of joint free or special economic zones along their shared border.

 

Detailed discussions were held on the operationalization of the SEZ. The Iranian envoy emphasised the need for a joint visit to finalise and notify the boundaries of the economic zone. While Iran has already completed demarcation on its side, Pakistan’s side requires coordination to move forward.

 

The meeting also addressed the issue of Iranian containers stuck at Karachi Port for around 100 days. Ambassador Moghadam requested Pakistan’s support for their early release, particularly as some consignments include essential goods such as medicines. The minister said the Board of Investment would obtain detailed information and coordinate with relevant ministries to resolve the matter on priority.

 

Both sides expressed concern over the decline in cross-border trade volume, noting that prior to recent tensions, 700-800 trucks were crossing the border daily but the number had decreased significantly. The two sides discussed enhancing this number, with a potential target of up to 2,000 trucks per day.

 

Ambassador Reza Amiri Moghadam also highlighted Iran’s readiness to provide Pakistan enhanced access to Central Asian markets, presenting significant opportunities for regional connectivity. Both sides agreed to actively promote joint ventures and encourage private sector collaboration.

Source: The International News Pakistan