Pakistan and Iran signed four documents of co-operation at the 17th session of their Joint Economic Commission (JEC) which concluded here on Sunday. Federal Minister for Finance and Economic Affairs Syed Naveed Qamar led Pakistan's delegation in the meeting while Iranian side was led by Foreign Minister Manouchehr Mottaki.
The four documents included MoU of 17th session of JEC between Pakistan and Iran; MoU between Iran Chamber of Commerce, Industries and Mines and Federation of Pakistan Chambers of Commerce and Industry (FPCCI); agreement between two sides on international transport of passengers and goods; and an MoU between Pakistan Television Corporation (PTV), Pakistan Broadcasting Corporation (PBC) and Islamic Republic of Iran Broadcasting (IRIB).
The Federal Minister for Finance while speaking on the occasion said that Pakistan-Iran Joint Economic Commission is a useful institutional framework to regulate the economic relations and identify new areas of co-operation.
Referring to changing global economic trends, the Minister highlighted that Pakistan and Iran needed to take positive steps towards greater economic integration. Both countries also need to take initiatives in order to open up their economies and explore possibilities of enhancing trade, the Minister added.
He said, "we look forward to starting the bus service between the two countries by the middle of August which will facilitate travel of Zaireen and other visitors."
The Minister highlighted the investment friendly environment in Pakistan which had facilitated foreign direct investment of over $4 billion in the country during 2007-08. He appreciated Iran's co-operation in the power project sectors of Pakistan. Iranian Foreign Minister Manouchehr Mottaki in his speech commended the recent economic and industrial achievements of Pakistan and underlined that the potential of economic co-operation between the two countries was far more than the present volume of trade between them which is $500 million annually.
He said the leadership of the two countries is determined to increase the level of bilateral trade up to US dollar one billion in the near future.
The Iranian Foreign Minister said that the two countries were co-operating on the gas pipeline project and expressed hope that the peace pipeline will benefit not only the two countries but other countries in the region as well.
Naveed Qamar expressed the hope that the volume of bilateral trade between the two countries will be more than US dollar one billion by the next session of JEC.
He said the present democratic government in Pakistan was devising policies of good governance in accordance with the vision of Shaheed Mohtarma Benazir Bhutto who gave the ultimate sacrifice by laying her life for the cause of democracy and socio-economic development of the people of Pakistan.
The Iranian Minister expressed sympathies on behalf of the government and people of Iran on the assassination of Benazir Bhutto. The signing ceremony of the agreements and MoUs was attended by the Ambassador of Pakistan Shafkat Saeed and senior officials from both countries.