Pakistan, Iran eye trade at $5 billion

Published April 23, 2015
TEHRAN: Commerce Minister Khurram Dastagir in a meeting with Iranian Minister for Finance and Economic Affairs Tayyab Nia on Wednesday.
TEHRAN: Commerce Minister Khurram Dastagir in a meeting with Iranian Minister for Finance and Economic Affairs Tayyab Nia on Wednesday.

ISLAMABAD: Pakistan and Iran have agreed on a five-year trade facilitation plan to enhance bilateral trade to $5 billion.

The understanding was reached during the seventh Pakistan-Iran Joint Trade Committee meeting held in Tehran on Wednesday. Commerce Minister Khurram Dastagir Khan headed the Pakistani delegation while the Iranian side was led by the Minister for Industry, Mines and Trade Mohammad Reza Nematzadeh.

An official statement issued here by the commerce ministry stated that Khurram expressed concern over arbitrary and unilateral import bans, high textile tariffs and import authorisation system.

He called for early elimination of all non-tariff barriers under the 2006 Preferential Trade Agreement.

During the meeting, the current level of trade was reviewed and a decision was taken to develop a five-year trade facilitation plan to fulfill the shared vision of Prime Minister Nawaz Sharif and President Rouhani to increase bilateral trade from $1b to $5bn. Both the sides also agreed to form a working group to suggest widening of the 2006 Pakistan-Iran Preferential Trade Agreement.

The two sides also reiterated the need for joint investment in agro-food processing and infrastructure, particularly in the field of establishing effective rail, air, road and sea links between the two countries, as well as opening new border trade posts at Mand-Pishin and Gabd-Reemdan.

On Iran-Pakistan gas pipeline, the commerce minister said that Gwadar to Nawabshah pipeline was part of Pakistan-China Trade Corridor. Pakistan will arrange construction of the remaining portion of the pipeline from Gwadar to Iran border paving way for import of gas.

The Iranian minister assured that hurdles in the way of bilateral trade would be removed through effective measures.

Earlier, Khurram Dastagir met Iranian Minister of Economy and Finance Dr Ali Tayyab Nia.

Published in Dawn, April 23rd, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Debt deferment
26 Sep, 2022

Debt deferment

PAKISTAN is seeking deferment of its bilateral debt of nearly $10bn for a few years, which, if approved by the...
Dengue concerns
26 Sep, 2022

Dengue concerns

AS weather conditions change in Pakistan, the threat of dengue looms large over the land. According to a warning...
Relic of colonialism
26 Sep, 2022

Relic of colonialism

THE law on sedition, one of several holdovers of colonial times, is among the most handy instruments for controlling...
UNGA speech
25 Sep, 2022

UNGA speech

CRISES test a nation’s resilience but also provide opportunities to rise and move forward. Prime Minister Shehbaz...
Dar’s return
Updated 25 Sep, 2022

Dar’s return

Dar will now be expected by his party to conjure up fiscal space for the govt to start spending ahead of the next elections.
Iran hijab protests
25 Sep, 2022

Iran hijab protests

FOR over a week now, Iran has been witnessing considerable tumult after a young woman died earlier this month in the...