ISLAMABAD: Iran has expressed interest in expanding trade and logistics cooperation with Pakistan through the strategic ports of Karachi and Gwadar, with the aim of elevating bilateral trade to $10 billion. This proposal was a focal point of discussions at the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting, co-chaired by Pakistan's Commerce Minister Jam Kamal Khan and Iran's Minister of Industry, Mine and Trade Mohammad Atabak in Islamabad.
According to Union of Small and Medium Enterprises, Atabak described Pakistan as a long-term strategic trading partner during the high-level meeting, expressing optimism that a Pakistan-Iran Free Trade Agreement (FTA) would be finalized soon. He noted that electricity trade and regional connectivity present new economic opportunities for both nations. Khan emphasized the urgency of transforming historic ties into a robust economic partnership and the importance of finalizing the proposed FTA swiftly. He highlighted the need to address barriers in border logistics, customs procedures, and cargo movement to facilitate trade.
Khan also pointed out that establishing joint border markets and adopting electronic data interchange systems could significantly enhance trade between the two countries. He mentioned that the private sectors of both countries are ready to deepen commercial ties, and it is imperative for governments to ensure a conducive business environment. He expressed confidence that the meeting would yield a practical roadmap to elevate bilateral economic cooperation and fully capitalize on the trade potential between Pakistan and Iran.
An Iranian delegation, led by Minister Atabak, arrived in Islamabad on Monday night for a two-day visit to engage in the 10th JTC meeting and conduct talks with senior Pakistani officials concerning bilateral trade relations. The delegation included 22 Iranian officials and a 16-member business contingent led by the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA). The business representatives, spanning key sectors such as food, agribusiness, logistics, shipping, transportation, energy, and manufacturing, aimed to foster greater private-sector engagement and strengthen commercial cooperation between the two countries.