Summary Three-day talks make progress on tariff reductions, trade rules, barter trade and cross-border markets
ISLAMABAD (Dunya News) - Pakistan and Iran have agreed to increase their bilateral trade volume to $10 billion, following significant progress in discussions on trade, investment and economic cooperation.
The agreement was reached during the 10th session of the Pakistan-Iran Joint Trade Committee, held in Islamabad and co-chaired by Pakistan’s Commerce Minister Jam Kamal Khan and Iran’s Minister for Industry and Trade.
According to the Ministry of Commerce, the three-day negotiations covered several key areas of economic cooperation, with both sides reaching consensus on measures aimed at expanding trade and strengthening business ties.
The ministry said technical committees would continue working to ensure the immediate implementation of the decisions agreed upon during the talks.
A major outcome of the meeting was the agreement to raise bilateral trade between Pakistan and Iran to $10 billion. Both countries also made important progress on the rules governing their trade agreement and mechanisms for reducing tariffs.
The two sides agreed to strengthen business-to-business (B2B) links and expand and improve the barter trade system to facilitate commercial exchanges between the neighbouring countries.
Barter trade has particular significance for Pakistan and Iran as both countries seek to overcome challenges associated with conventional cross-border payment mechanisms and expand legal trade channels.
The Ministry of Commerce further said Pakistan and Iran had agreed to accelerate the process for the opening of the Chadgai-Kohak border market, which is expected to provide additional opportunities for traders and local businesses on both sides of the border.
The two countries also decided to establish joint committees for the effective management of border markets, with the objective of improving coordination and facilitating trade activities.
The latest developments come as Islamabad and Tehran seek to deepen their economic relationship and increase formal bilateral trade through improved market access, reduced trade barriers and stronger private-sector engagement.
Officials said the implementation of the agreed measures would be important for translating the latest commitments into increased trade and investment between the two neighbouring countries.
25-word summary
Pakistan and Iran agree to increase bilateral trade to $10 billion, with progress on tariff reductions, barter trade, B2B links and border markets.
Tags
Pakistan Iran trade, Pakistan Iran bilateral trade, $10 billion trade, Jam Kamal Khan, Iran trade, Pakistan exports, Iran exports, barter trade, B2B trade, Pakistan Iran relations, border markets, tariff reduction, Ministry of Commerce, Pakistan economy, international trade
