Pakistan and Iran are working to ink a Free Trade Agreement to accelerate bilateral trade and establish new border markets.
The two governments want to raise the volume of trade to $10 billion over the next few years with enhanced economic cooperation and collaboration.
Pakistan Iran Free Trade Agreement, While visiting Iran recently, Pakistan Commerce Minister Jam Kamal Khan met with officials to explore new avenues of increasing trade.
Discussions emphasized upgrades in infrastructure at border crossing points, barter trade mechanisms, and simplified mechanisms to facilitate easier business between the two nations.
Trade volume is currently at about $3 billion, with rice and meat from Pakistan continuing to record increasing Iranian demand.
Government officials believe enhanced transport and logistics coordination can broaden the commodity range traded between Pakistan and Iran.
Outside trade, both nations emphasized greater cultural relations, people-to-people contacts, tourism, and partnerships to drive social and economic ties.
Improved connectivity through upgraded border infrastructure is likely to greatly enhance bilateral cooperation and future prospects of growth.
The Pakistan-Iran Joint Economic Commission will soon convene to address impediments, involve private sectors, and craft policies for long-term development.
Both countries view the Free Trade Agreement as essential for tapping economic potential and opening new avenues for commerce.
Should it be achieved, the agreement holds much promise of mutual benefits, improving trade and solidifying bonds between the citizens of Pakistan and Iran.
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