Islamabad: According to press reports, Pakistani and Iranian authorities signed an agreement on Saturday (November 06) to increase bilateral trade volume to USD 5 billion over the next five years.
Both countries emphasised their commitment to increase collaboration in a range of industries to promote commercial prospects and bilateral commerce, according to a joint statement released by the delegates during their visit to Iran.
According to the specifics, the two nations resolved during the ninth meeting of the Iran-Pakistan Joint Trade Committee that all hurdles to free trade will be removed in the next three months, and industries where cooperation may be strengthened will be identified.
Pakistan and Iran have agreed to barter rice trade, create border markets, transit Pakistani trucks under TIR, and cooperate in customs, according to Advisor to the Prime Minister on Commerce Abdul Razak Dawood.
Furthermore, Iran’s Minister of Industry, Mines, and Trade, Reza Fatemi Amin, stated that the two countries will look into cooperating in the sectors of home appliances and dairy. It’s worth noting that in 2006, Pakistan and Iran signed a Preferential Trade Agreement (PTA) with the goal of reaching a trade volume of USD 5 billion by 2021. The trade, however, could only reach USD 360 million due to a shortage of financial connections and other obstacles.