ISLAMABAD: Pakistan and Iran have reportedly started Bilateral Political Consultations (BPC) in Tehran meant to enhance bilateral economic relations including finalisation of Free Trade Agreement (FTA), Bilateral Investment Treaty (BIT) and opening of banking channels, well informed sources in Board of Investment (BoI) told Business Recorder.
Both countries are holding the 12th Bilateral Political Consultations at a time when Iran and Saudi Arabia have re-engaged diplomatically with Chinese mediation.
The sources said the PBC will revolve around bilateral relations and regional situation especially in the Middle East.
Barter trade: Pakistan, Iran for boosting banking channels
According to sources, key elements of agenda for the 12th BPC include the following: (i) economic and trade relations including barter trade mechanism, banking cooperation, assessment of ongoing PTA, finalization of FTA, convening 22nd Joint Economic Commission (JEC) and 11 Joint Border Trade Committee (JBTC), border markets operationalization, Bilateral Investment Treaty, declaration of Rimdan as The Convention on International Transport of Goods( TIR) and modernization of Taftan-Mirjaveh border gate; (ii) energy cooperation covering Iran-Pakistan Gas Pipeline, uninterrupted electricity supply from Iran to Balochistan, Iran’s offer for 2 million Euros LPG humanitarian aid for flood-affected people and Iran’s offer to sell 5,000-MW additional electricity to Pakistan; (iii) aviation cooperation including the issues pertaining to 5th Freedom Rights to Pakistan, direct flights between Islamabad and Tehran, code-sharing, designation of Sepheran Airlines on the route of Lahore-Mashad and designation of Pouya Airlines on the route of Quetta-Zahidan; (iv) upgrading of Pakistan-Iran border maps; (v) Zaireen Management Policy; (vi) security cooperation with Iran; and (v) defence cooperation. The sources said, to firm up Pakistan’s viewpoint, Additional Secretary (Afg & West Asia) chaired the Inter-Ministerial Meeting last week to finalize talking points for the PBC.
Last week, Pakistan and Iran also held negotiations on framework of trilateral cooperation with China in economic and other areas including Bilateral Investment Treaty (BIT) as an Iranian delegation of Iran Investment delegation of Organization for Investment, Economic & Technical Assistance of Iran (OIETAI) was in the federal capital.
The high-level delegation from Iran led by Ali Fekri, Deputy Minister and Head of OIETAI called on the Federal Minister for Economic Affairs, Sardar Ayaz Sadiq.
Ali Fekri, Deputy Minister and Head of the Organization of Investment, Economic and Technical Assistant of Iran (OIETAI), met with Sadiq to discuss bilateral economic cooperation and strengthen ties between the two nations.
Copyright Business Recorder, 2023
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