Business
Pakistan-Iran Free Trade Agreement on Cards
In a significant development, Pakistan and Iran have agreed to expeditiously finalize the Free Trade Agreement (FTA) and enhance bilateral economic cooperation during Iranian President Dr. Seyed Ebrahim Raisi’s three-day official visit to Pakistan.
Key Takeaways:
- Finalization of Pakistan-Iran Free Trade Agreement (FTA) to boost trade and economic cooperation
- Agreement to hold next sessions of Annual Bilateral Political Consultations (BPC), Joint Business Trade Committee (JBTC), and Joint Economic Commission (JEC) in the near future
- Facilitation of regular exchange of economic and technical experts and delegations from Chambers of Commerce
- Declaration of ‘Reemdan border point’ as an international border crossing point under TIR
- Opening of remaining two border sustenance markets
- Commitment to transform common border from ‘border of peace’ to a ‘border of prosperity’ through joint development-oriented economic projects
- Agreement to boost bilateral trade to $10 billion over the next five years
- Emphasis on cooperation in energy domain, including trade in electricity, power transmission lines, and IP Gas Pipeline Project
- Consensus to fully operationalize barter trade mechanisms and harness geographic locations for promoting connectivity
- Progress made in regular shipment of goods under TIR Convention and agreement to fully operationalize the Convention
- Resolve to enhance cooperation in connectivity, infrastructure development, and energy sectors as members of Belt and Road Initiative (BRI) and Economic Cooperation Organization (ECO)
- Expansion of mutually beneficial and enduring linkages between sister ports of Gwadar and Chahbahar
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Visit Details:
Iranian President Dr. Seyed Ebrahim Raisi paid an official visit to Pakistan from 22-24 April 2024, accompanied by a high-level delegation comprising the Foreign Minister of Iran and other members of the cabinet and senior officials.
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