ISLAMABAD (special crosspondent) – Pakistan and Iran have concluded the 10th session of the Pakistan-Iran Joint Trade Committee, pledging to deepen economic cooperation and work toward a shared target of US$10 billion in annual trade volume. The high-level talks, which spanned two days, culminated in the signing of agreed minutes by Federal Minister for Commerce Jam Kamal Khan and Iran’s Minister of Industry, Mines and Trade, Dr. Mohammad Atabak.

Progress on Free Trade and Bilateral Economic Frameworks

During the deliberations, both delegations expressed satisfaction over the progress made regarding the proposed Pakistan-Iran Free Trade Agreement. Discussions specifically addressed the finalization of Rules of Origin, tariff-reduction modalities, and the selection of product lists essential for regional commerce. As the government continues its efforts to accelerate infrastructure reforms and economic connectivity, both nations agreed to prioritize the streamlining of customs procedures and transport logistics to facilitate trade flow.

Focus on Border Markets and Private Sector Investment

The committee meeting underscored the necessity of expanding barter trade and strengthening direct business-to-business linkages. Key areas of focus included the promotion of industrial cooperation, enhancing investment, and significantly increasing private-sector participation. A major outcome of the session was the collective agreement to activate joint border markets, which are expected to bolster economic activity in frontier regions. Much like efforts seen in unified transshipment incentive packages designed to optimize port operations, the two countries aims to ensure the efficient movement of commercial cargo, with a particular emphasis on the transit of perishable goods.

Strengthening Strategic and Commercial Ties

Jam Kamal Khan noted that these concrete measures are intended to transition the historic and brotherly relations between the two neighbors into a robust framework of economic cooperation. Reflecting this sentiment, Dr. Mohammad Atabak reaffirmed Iran’s commitment to dismantling existing trade barriers. The ministers emphasized that sustained coordination and the timely implementation of these decisions remain vital before the next Joint Trade Committee meeting, echoing the spirit of collaboration seen in other regional initiatives such as the Pakistan and Somalia bilateral cooperation. The session concluded with an official exchange of souvenirs, reinforcing the enduring diplomatic and economic friendship between Pakistan and Iran.