ISLAMABAD, July 18: Pakistan and Iran on Friday signed the revised bilateral trade treaty to further facilitate the trade between the two countries.

The amendments in the treaty were finalized during the 4th meeting of Pakistan-Iran Joint Trade Committee (JTC) held here. The amendments were introduced in the article-17 and article-19 of the agreement proposed by the Iranian government. The treaty had already been signed between the two countries in December 2002.

Speaking at a joint press conference, Commerce Minister Humayoon Akhtar Khan said that an expert group of the two countries would be constituted, which would start revamping trade relation between the two countries.

He also announced the establishment of Pakistan-Iran investment company, which he said would further boost up the confidence of the two sides and encourage business-to-business contact and substantial increase in trade and investment.

Mr Khan said that during the meeting ministers of the two countries also assured each other of their cooperation in the promotion of insurance, re-insurance and other business related activities.

The minister said the treaty was also aimed at for expanding, diversifying commercial exchanges and enhancing the level of trade cooperation between the two countries based on equality, non-discrimination and maintenance of mutual interest.

Speaking on the occasion, the Iranian minister proposed fast track trade negations between Pakistan, Iran and Turkey and suggested to contact the Turkish counterpart for getting his consent on it.

He said the Iranian government would find ways and means for cooperation between the two countries to further strengthen the relation. “We have to reduce in near future the tariff and non-tariff barriers to accelerate the trade between the two countries,” he remarked.

In reply to a question, the Iranian minister said double taxation treaty would be soon ratified by the Iranian parliament for implementation. The minister said following the reduction of both tariff and non-tariff barriers the cross-border smuggling of goods would reduce to a great extent.

Iranian deputy minister of commerce Majeed Answari said that Tehran was the major importer of rice from Pakistan and it would also consider importing wheat and fruits from Pakistan.

He said Islamabad would provide Tehran details about the quality of these products, which he said after checking for standard and quality would be considered by the Iranian government.

APP adds: Finance Minister Shaukat Aziz has proposed the establishment of a Joint Investment Commission (JIC) between Pakistan and Iran for the promotion of trade and investment between the two countries.