Pakistan and Iran have set a target of $5 billion for bilateral trade as part of a five-year plan aimed at enhancing cooperation between the two countries. During a joint press conference in Islamabad, Pakistan’s Foreign Minister Bilawal Bhutto-Zardari and his Iranian counterpart Hossein Amir Abdollahian discussed various measures to boost trade ties and remove impediments in bilateral trade.
One of the key goals of the plan is to finalize a Free Trade Agreement between Pakistan and Iran. The two countries also seek to establish institutional linkages between their private sectors, which will further facilitate trade and economic cooperation. Minister Bilawal expressed confidence that the steps taken under the plan would pave the way for a long-term and sustainable economic partnership between Pakistan and Iran.
In addition to trade-related matters, the two sides also discussed other important issues. They decided to prioritize the operationalization of five remaining border markets by the end of this year, promoting cross-border trade and economic activities. Furthermore, Pakistan and Iran agreed to repatriate sentenced prisoners in accordance with existing agreements, as well as release fishermen in custody and waive any fines imposed by authorities in both countries.
The meeting also addressed the human rights situation in the Indian Illegally Occupied Jammu and Kashmir (IIOJK) and reiterated their support for the Kashmiri people. On the subject of Afghanistan, Pakistan and Iran agreed to continue their active engagement to promote peace and stability in the country, focusing on the well-being and prosperity of the Afghan people.
In a joint effort to counter Islamophobia and anti-Muslim hatred, both countries pledged to cooperate and address the escalating incidents of hate speech and provocations. The Iranian Foreign Minister highlighted the need for enhanced bilateral cooperation in the fields of economy, trade, and tourism. Both nations are committed to increasing bilateral trade to $5 billion and are considering the establishment of a special economic free trade region along their common border points.
The five-year trade cooperation plan between Pakistan and Iran demonstrates their strong commitment to strengthening their economic partnership. By setting a $5 billion bilateral trade target, the two countries aim to deepen their economic ties and unlock new opportunities for cooperation. The plan encompasses various measures to improve trade facilitation and remove barriers, ensuring that the economic benefits are felt by both nations. As Pakistan and Iran work towards realizing this ambitious goal, their collaboration holds significant potential for growth and prosperity in the years to come.
