In a significant move, Pakistan and Iran have announced a comprehensive five-year plan aimed at bolstering their bilateral trade, with the goal of reaching $5 billion in trade volume.
Foreign Minister Bilawal Bhutto Zardari and his Iranian counterpart, Hossein Amir Abdollahian, Revealed the details of this ambitious trade cooperation plan during a joint press conference.
Removing Obstacles and Strengthening Ties
The primary objective of this strategic plan is to remove any existing impediments in the way of bilateral trade. To achieve this, both countries have committed to finalizing a Free Trade Agreement (FTA) and forging strong institutional linkages between their private sectors. By streamlining trade processes and promoting collaboration. Pakistan and Iran are determined to unlock the full potential of their economic relationship.
Five-Year Timeline and Key Initiatives
The trade plan, scheduled to be in effect from 2023 to 2028, entails a host of initiatives that will foster economic growth and cooperation. Among the priorities set during the leaders’ meeting were the operationalization of five border markets by the end of 2024. We expect this step to enhance cross-border trade and increase accessibility between the two nations.
Enhanced Cooperation in Key Sectors
Emphasizing the importance of economic diversification, both countries have agreed to enhance cooperation in the fields of economy, trade, and tourism.
By capitalizing on each other’s strengths, Pakistan and Iran aspire to deepen their economic ties further. As part of this cooperation, a special economic free trade region will be established along the common border points. Opening up new opportunities for businesses and investors.
Pak-Iran Gas Pipeline: A Game-Changer
Highlighting the significance of energy cooperation, Foreign Minister Abdollahian underscored the completion of the Pak-Iran gas pipeline. This transformative project is expected to serve the national interests of both countries,. Ensuring a stable energy supply and fostering energy security.
Prime Minister’s Commitment to Strengthening Ties
During the visit, Foreign Minister Abdollahian also had the privilege of meeting with Prime Minister Shehbaz Sharif. The meeting reaffirmed the strong brotherly relations between Pakistan and Iran. Prime Minister Sharif reiterated Pakistan’s unwavering commitment to further enhancing these ties, with a particular emphasis on boosting economic cooperation.
A Shared Vision for Economic Uplift
During the meeting with the Prime Minister, they remembered when President Ebrahim Raisi jointly inaugurated the Mand-Pishin border marketplace. Both countries considered this a tangible manifestation of their shared priority to collaborate for the betterment of their people, especially in border areas.
