Both countries agree to accelerate FTA negotiations, improve border logistics and strengthen private-sector cooperation.
ISLAMABAD: Pakistan and Iran have reaffirmed their commitment to increasing bilateral trade to $10 billion while expanding cooperation in trade, investment and private-sector engagement, according to a joint communiqué issued after bilateral talks on Tuesday.
The commitment was made during the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting, co-chaired by Pakistan’s Federal Minister for Commerce Jam Kamal Khan and Iran’s Minister of Industry, Mine and Trade Mohammad Atabak.
During the meeting, both sides reviewed progress in bilateral economic cooperation and agreed to accelerate efforts to unlock the full potential of trade between the neighboring countries.
Minister Atabak described Pakistan as a long-term strategic trading partner and expressed Iran’s desire to deepen trade and logistics cooperation through the ports of Karachi and Gwadar.
He also expressed optimism that a Pakistan-Iran Free Trade Agreement (FTA) would be concluded at the earliest, saying enhanced electricity trade and improved regional connectivity offered significant economic opportunities for both countries.
Speaking on the occasion, Jam Kamal Khan said the time had come to transform the two countries’ longstanding historical and cultural ties into a robust economic partnership.
He stressed the importance of finalising the proposed FTA as soon as possible and called for the removal of barriers affecting border logistics, customs procedures and cargo movement to facilitate smoother bilateral trade.
The commerce minister said the establishment of joint border markets and the implementation of electronic data interchange (EDI) systems would significantly enhance trade efficiency and cross-border commerce.
Jam Kamal Khan noted that the private sectors of Pakistan and Iran were fully prepared to expand commercial relations, adding that both governments must ensure a reliable and business-friendly environment to support investment and trade.
He expressed confidence that the outcomes of the Joint Trade Committee meeting would provide a practical roadmap for strengthening economic cooperation and achieving the ambitious bilateral trade target.
An Iranian delegation, led by Minister Atabak, arrived in Islamabad on Monday for a two-day visit to participate in the JTC meeting and hold discussions with senior Pakistani officials on bilateral trade and investment.
The delegation included 22 government officials and a 16-member business delegation led by the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).
The business representatives belonged to key sectors including food, agribusiness, logistics, shipping, transportation, energy and manufacturing, reflecting both countries’ efforts to expand private-sector collaboration and deepen economic integration.