Iran’s minister of Industry, Mine and Trade ( ITM Ministry) signs cooperation document with Pakistani officials to ease trade barriers so Tehran and Islamabad reach their target of 5 billion dollars in their annual trade volume.
Based on a news published by Iran Chamber of Commerce, Industries, Mines and Aqriculture;
Iran and Pakistan on Friday signed a Memorandum of Understanding (MoU) to promote bilateral trade and investment between the two countries.
The document was signed during the first session of the 8th Pakistan-Iran Joint Trade Committee, which was attended by an Iranian delegation, led by Minister of Industry, Trade and Mine “Reza Rahmani” and Pakistani delegation led by Pakistani Prime Minister’s Advisor on Commerce and Textile “Abdul Razak Dawood” on Thursday in Islamabad, Xinhua reported.
During the meeting, Pakistan urged the Iranian side to take appropriate measures to remove non-trade barriers so that real potential of bilateral trade could be actualized, suggesting removing various forms of taxation such as road and loads taxes on vehicles which are crossing the borders.
Dawood promised to establish a dedicated desk at the Trade Development Authority of Pakistan in Islamabad with the commitment to address the prevalent issues in the future.
The Iranian side pledged to address all the issues which were hampering bilateral trade on its part, and assured a win-win situation for both sides.
While recognizing the fact that Pakistan-Iran trade relations are not up to the mark, both sides reflected on ways and means to enter into barter trade deal.
“To start barter trade, both countries should select a few items having competitive advantage,” Dawood said, adding that in this regard, Pakistan can enhance export of wheat, sugar, rice and fruits to Iran.
Pakistan-Iran Preferential Trade Agreement was signed in 2006. However, it hasn’t been implemented so far.
During the meeting, Iran also showed interest in import of 500,000 tons of rice from Pakistan and asked the Pakistani side to devise necessary mechanism for early shipment.
The Iranian delegation requested the Pakistani government to open more border points, mainly at Ramadan, Pishin and Korak, which will further enhance bilateral trade, Dawn reports.
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