In the latest update, both Iran and Pakistan have agreed to increase their mutual trade to $5 billion by 2023. Reza Fatemi Amin, Iranian Minister of Industry, Mines and Trade confirmed the same.
Iran is Ready To Remove Trade Barriers
At the 9th meeting of the Iran-Pakistan Joint Trade Committee in Tehran, Fatemi Amin informed that Iran is ready to remove the trade barriers with Pakistan to improve the economic relations between the two countries.
He said that both the countries stressed on the need for a precise plan that would facilitate the investments in Iran for the Pakistani entrepreneurs. The two offices will be established with the mission of fix the difficulties encountered during trade between Iran and Pakistan. The Iran expects the task to be completed within the next three months.
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He further noted that within the next three months, free trade arrangements as agreed by the two countries will also be implemented.
Pakistan Appreciates The Move
Meanwhile, Advisor to the Pakistan Prime Minister Imran Khan for commerce and investment, Abdul Razak Dawood,attended the meeting in Tehran and informed of his satisfaction over the results.
Upon conveying the same to the PM, Dawood informed that PM intends to develop Pakistan’s trade in the region, especially with Iran. He further voices his optimism towards the prospects of economic cooperation between the two neighbouring countries.
Meanwhile, Iran and Pakistan have planned to create joint specialised working groups that would discuss banking, customs, transportation, markets, quarantine issues, and trade.