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Iran-Pakistan agree to boost mutual trade to $5bn by 2023

05:43 PM Nov 07, 2021 | IANS

Iran and Pakistan have agreed to increase their mutual trade to $5 billion by 2023, Iranian Minister of Industry, Mines and Trade Reza Fatemi Amin said.

"Iran is ready to remove trade barriers with Pakistan to improve economic relations between the two countries," Fatemi Amin said at the 9th meeting of the Iran-Pakistan Joint Trade Committee in Tehran.

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He said both countries stressed the need for a precise plan that facilitates investment in Iran for Pakistani entrepreneurs. Two offices will be established with the mission of fixing difficulties in trade between Iran and Pakistan, and Iran expects the task to be achieved within three months, the Minister added.

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Also within three months, he noted, free trade arrangements agreed by the two countries will be implemented. Abdul Razak Dawood, advisor to the Pakistani Prime Minister for commerce and investment, attended the committee meeting in Tehran and voiced his satisfaction over the attained results.

Dawood conveyed Prime Minister Imran Khan intention of developing Pakistan's trade in the region, especially with Iran, and voiced optimism over the prospects of economic cooperation between the two neighbouring countries.

Iran and Pakistan have planned to create joint specialized working groups that discuss banking, customs, transportation, markets, trade, and quarantine issues related to the expansion of bilateral commerce.

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