ISLAMABAD, Jan 28: Pakistan and Iran are likely to give duty concessions on around 400 tradable items under the proposed bilateral preferential trade agreement (PTA).

Official sources told Dawn on Wednesday that lists of items for concession would be finalized in the next meeting of technical experts of the two countries, which was scheduled to be held in March in Islamabad.

During the first meeting of technical experts held in Tehran recently, the officials said the two sides exchanged the list of items for proposed reduction in customs' duties on it.

Iran has sought duty reduction on 530 items from Pakistan, while Islamabad has asked for duty reduction on 380 items from Tehran under the proposed treaty.According to the officials, the two sides would discuss the proposed request lists from each side with the relevant stakeholders.

During the meeting, the two sides would also finalize rules of origin. According to the officials, both the sides endorsed the draft agreement after minor changes.

A three-member official delegation of technical experts has recently visited Iran to negotiate the draft for a proposed preferential trade agreement. The agreement was expected to be signed by the two ministers following the completion of these negotiations.