Iran and Pakistan have agreed to finalize a Free Trade Agreement (FTA) and activate border markets to boost bilateral trade.
Federal Minister for Commerce Jam Kamal Khan, during his three-day visit to Iran, met with Iran’s Minister of Industry, Mine, and Trade, Seyyed Muhammad Atabak. The meeting focused on enhancing trade ties and improving border market operations.
Mr. Atabak welcomed the Pakistani delegation and expressed condolences for the families affected by recent floods in Pakistan. He emphasized Iran’s commitment to maintaining strong economic and trade relations with its neighbor.
Mr. Khan highlighted that under Prime Minister Shehbaz Sharif’s vision, Pakistan’s private sector is being supported to expand trade volumes. He noted a significant rise in Pakistan’s rice and meat exports to Iran in recent months. Mr. Khan said that improved trade and activation of border markets could help achieve the $10 billion trade target.
Both ministers discussed strengthening connectivity through better road, rail, and port infrastructure to facilitate smoother trade. They also underlined the importance of barter trade and ensuring border markets operate efficiently for local businesses and traders.
Officials said the Joint Economic Commission (JEC) meeting, scheduled for tomorrow, will focus on removing obstacles to trade and addressing challenges in border markets. Current bilateral trade stands at $3 billion, which both sides described as encouraging but with potential to grow further.
The Iranian delegation included senior officials from the Trade Promotion Organization, the Ministry of Industry, and the Chamber of Commerce. They emphasized that border markets are crucial for fostering people-to-people contact and strengthening economic cooperation.
The agreement to activate border markets and finalize the FTA marks a significant step in boosting trade between Pakistan and Iran. Both countries aim to expand trade volumes, facilitate local businesses, and ensure smoother cross-border commerce.
In other related news also read Courthouse attacked Iran Baluchistan
