Pakistan, Iran aim to boost trade to $5bn

As part of a five-year trade cooperation plan for 2023-2028, Pakistan and Iran aim to increase annual trade volume between the two countries to $5 billion, Foreign Minister Bilawal Bhutto Zardari announced on Thursday.

A joint press conference was held by the foreign minister and his Iranian counterpart Hossein Amir-Abdollahian in Islamabad, the Foreign Office (FO) said.

As part of the five-year plan, the Pakistan foreign minister said impediments to bilateral trade would be removed, a Free Trade Agreement to be finalised, and institutional ties would also be established between the private sectors on both sides.

FM Bilawal said Pakistan encompassed a vision for greater enhanced trade, which was fully aligned with Iranian President Ebrahim Raisi's policy of neighbourhood first.

"To this end, we have agreed to prioritise the operationalisation of the five remaining border markets by the end of this year," he said.

Foreign Minister Bilawal informed that Pakistan and Iran have decided to repatriate all the sentenced prisoners as per provisions of agreements between the two sides.

"It has also been decided to set free fishermen in custody and to waive off any fine imposed by the authorities of both countries for the release of their vessels," he said.

The two sides would exchange lists of prisoners to put into practice the understanding expeditiously, the foreign minister added.

Bilawal Bhutto Zardari also discussed the grave human rights situation in India's Illegally Occupied Jammu and Kashmir. He said Pakistan was grateful to the Iranian leadership for its firm and consistent support of the legitimate cause of the Kashmiri people.

Regarding the situation in Afghanistan, the Pakistan foreign minister said both countries agreed to continue the active engagement with a view to advancing peace and stability in Afghanistan to promote the well-being and prosperity of Afghan brothers and sisters.

He said both countries would continue cooperation to counter Islamophobia and anti-Muslim hatred.

Speaking on the occasion, the Iranian Minister called for promoting cooperation in the economy, trade, and tourism under regional mechanisms. He said the two sides were fully committed to increasing the bilateral trade to $5 billion.

The Iranian minister said the two countries also agreed to set up a special economic free trade region along the common border points.

Hossein Amir-Abdollahian said the two sides would take immediate steps for the release of fishermen and their vessels. He said convicted prisoners on both sides would be exchanged.

Emphasising the need to complete the Pakistan-Iran gas pipeline, the Iranian foreign minister said it would serve the national interests of the two countries.

He also condemned a recent terrorist attack in Bajaur and extended sympathies with the affected people and the government of Pakistan.

Foreign Minister of Iran Hossein Amir Abdollahian arrived on his first bilateral visit to Pakistan from 02-04 August 2023.

He will call on the Prime Minister of Pakistan for an exchange of views on the consensus between the leadership of the two countries for taking this relationship forward.

Iranian Foreign Minister will also call on Speaker National Assembly and Chairman Senate where the two sides will discuss parliamentary linkages between the two brotherly countries.

Foreign Minister Abdollahian’s visit is an opportunity for the two sides to discuss the entire range of bilateral ties with a particular focus on regional connectivity, energy, and economic and investment ties between Pakistan and Iran.