Iran and Pakistan Agree to Finalize FTA and Activate Border Markets

Iran and Pakistan have agreed to finalize a Free Trade Agreement (FTA) and activate border markets to boost bilateral trade. Federal Minister for Commerce Jam Kamal Khan, during his three-day official visit to Iran, met with Seyyed Muhammad Atabak, Iran’s Minister of Industry, Mine and Trade, according to a press release issued Monday. Welcoming the Pakistani delegation, Mr. Atabak expressed condolences to families affected by recent floods in Pakistan. Mr. Khan said that under Prime Minister Shehbaz Sharif’s vision, the private sector is being facilitated to expand trade volumes. He noted a significant increase in Pakistan’s rice and meat exports to Iran in recent months and added that bilateral trade has improved since Iranian President Dr. Pezeshkian’s visit to Pakistan. “Our trade target of $10 billion is achievable through mutual efforts and enhanced people-to-people contact,” Mr. Khan said, thanking his Iranian counterpart for acknowledging Pakistan’s flood losses. Mr. Atabak said Dr. Pezeshkian’s visit to Pakistan reflected Iran’s trust in its neighbor. He added that consistent exchanges between the two sides demonstrated their progressive approach toward the $10 billion trade goal. The two ministers stressed the importance of barter trade and agreed to strengthen connectivity through improved road and rail links and port development. Tomorrow’s Joint Economic Commission (JEC) meeting will focus on removing impediments to trade, officials said. Current bilateral trade stands at $3 billion, which both sides described as encouraging. The Iranian delegation included Dehghan Dehnavi, Head of the Trade Promotion Organization; Abdol-Sadeh Neisi, Director General of the East Asia Office at the Trade Promotion Organization; Deputy Industry Minister Moftah; Deputy Foreign Minister Ghanbari; Hassanzadeh, Vice Chairman of Iran’s Chamber of Commerce; and Mr. Safari from the Ministry of Foreign Affairs.