Pakistan and Iran have reiterated their dedication to enhancing bilateral trade to reach $10 billion, while accelerating negotiations on a free trade agreement. This commitment was made as both neighbors aim to deepen economic ties despite persistent logistical and banking challenges.
The announcement came during the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting held in Islamabad, co-chaired by Pakistan’s Commerce Minister Jam Kamal Khan and Iran’s Minister of Industry, Mine and Trade Mohammad Atabak.
Jam Kamal emphasized the need to convert the countries’ longstanding political and cultural relations into a robust economic partnership by eliminating barriers to cross-border trade. He urged the swift finalization of the Pakistan-Iran Free Trade Agreement and highlighted the importance of resolving issues related to border logistics, customs procedures, and cargo movement to facilitate smoother commerce.
The commerce minister further proposed the establishment of joint border markets and the implementation of an Electronic Data Interchange (EDI) system as measures that could significantly enhance bilateral trade. He noted that the private sectors in both countries are eager to expand commercial relations, provided the governments create a stable and business-friendly environment.
Jam Kamal expressed confidence that the 10th JTC meeting would result in a practical roadmap to strengthen economic cooperation between the two nations.
Meanwhile, Mohammad Atabak described Pakistan as a long-term strategic trade partner for Iran and expressed interest in broadening regional trade and logistics collaboration through Pakistan’s Karachi and Gwadar ports. He also expressed optimism that the free trade agreement negotiations would conclude soon, identifying electricity trade and regional connectivity as promising areas for new economic opportunities.
Both sides reaffirmed their commitment to fostering trade, investment, connectivity, and cooperation between their private sectors, signaling a mutual intent to deepen economic integration.
