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LAHORE: The ruling group of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for reactivation of Pak-Iran Joint Economic Commission (JEC) to get the real benefit of border point’s opening, exploiting the full potential to achieve $5 billion annual bilateral trade target between the two countries.

Pakistan and Iran have several times agreed to enhance their trade relations and improve rail connectivity to achieve a target of $5 billion annual bilateral trade through the platform of Pak-Iran JEC. But unfortunately, this Commission has been inactive and did not hold its meetings on regular basis. So, the serious working of JEC along with opening of Pakistan and Iran’s multiple borders’ points will steer trade avenues between the two Muslim countries in real terms, said BMP Chairman Mian Anjum Nisar while addressing a meeting here today.

He said the volume of two-way trade between Pakistan and Iran is negligible and mutual trade does not match the respective potential. The opening of Pak-Iran border new crossing at Pashin Mand point adjacent to Ketch Turbat district is a historic step, especially for the people of Balochistan, which would further strengthen and deepen bilateral cooperation in terms of trade with Pakistan, he added.

Mian Anjum Nisar said various decisions regarding the expansion of trade and economic relations between Pakistan and Iran have been taken up previously. Unfortunately, due to the instable and unpredictable international and regional political processes, nothing has been done in practicality. He reiterated the need for developing and deepening bilateral relations in various fields, including economic relations and trade, as well as development and strengthening of border markets.

In a reference to unimplemented agreements signed by the two countries in the past, including the Iran-Pakistan gas pipeline agreement, he called for implementing and functionalizing those accords, especially expanding mutually beneficial economic cooperation and development.

Business community of Pakistan fully supports the government’s initiative to establish border markets. The opening of international border crossing point at Mand-Pishin would facilitate pedestrian movement and enhance bilateral trade, he maintained.

He pointed out that Pakistan faced the challenge of trade deficit with lower exports, besides balance of payments deficit, development of energy sector and lower foreign investment, which can be resolved by enhancing regional trade. Under this government relations between the two brotherly Muslim neighboring countries were gaining historic momentum, he said and added that opening of two crossing points in less than six months was a major milestone.

Copyright Business Recorder, 2021

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