ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif expressed hope that sustained efforts would enable Pakistan and Iran to achieve the bilateral trade target of $10 billion set by their leadership as he met a six-member Iranian delegation led by Minister of Industry, Mine and Trade Seyyed Mohammad Atabak, according to a statement by the Prime Minister's Office (PMO).

Atabak arrived in Islamabad on a two-day visit to participate in the 10th Meeting of the Iran-Pakistan Joint Trade Committee and discussed subjects of bilateral trade relations with the high-ranking officials in Pakistan, a statement by the Iran Embassy in Pakistan said in a post on Facebook.

On Tuesday, Pakistan and Iran reaffirmed their commitment to increase bilateral trade to $10 billion, with both sides agreeing to strengthen economic cooperation, improve connectivity, and accelerate efforts toward a Free Trade Agreement, according to a statement from the Federal Ministry of Commerce.

The commitment was reiterated during the 10th Pakistan-Iran Joint Trade Committee (JTC) meeting held in Islamabad under the joint chairmanship of Pakistan’s Federal Minister for Commerce Jam Kamal Khan and Iranian Minister for Industry, Mine and Trade Dr Mohammad Atabak.

In meeting with the Iranian ministers, the prime minister stated that Pakistan highly values its relationship with its close brotherly neighboring country Iran.

“Pakistan will continue its sincere efforts for peace in the region," the prime minister said as per the statement.

The prime minister said he recently had a productive discussion with Iranian President Dr Masoud Pezeshkian on establishing lasting peace in the region and further strengthening Pakistan-Iran bilateral relations, particularly trade, the statement said.

He expressed hope that sustained efforts would enable both countries to achieve the bilateral trade target of $10 billion set by their leadership.

He added that both countries would benefit from expanding trade, particularly in food and agricultural commodities and products.

"Pakistan and Iran agreed to enhance border trade by increasing facilities, keeping border crossings open 24 hours a day, improving logistics, and harmonizing customs procedures,” the statement said.

10th Pakistan-Iran Joint Trade Committee (JTC)

The 10th Pakistan-Iran Joint Trade Committee (JTC) meeting was held in Islamabad under the joint chairmanship of Pakistan’s Federal Minister for Commerce Jam Kamal Khan and Iranian Minister for Industry, Mine and Trade Dr Mohammad Atabak.

Addressing the meeting, Jam Kamal Khan said, “The private sectors of both countries are ready to expand trade," adding that it is the responsibility of governments to provide a conducive, reliable and business-friendly environment.”

He said that transforming the relations between Pakistan and Iran into a strong economic partnership is the need of the hour and stressed the importance of the early finalization of the Pakistan-Iran Free Trade Agreement.

The commerce minister also underlined the need to remove bottlenecks in border logistics, customs procedures and cargo movement.

Articles tagged with "bilateral trade target of $10 billion"

Pakistan, Iran push for $10B trade target as PM Sharif meets Iranian minister

Pakistan, Iran push for $10B trade target as PM Sharif meets Iranian minister