Latest news with #Pakistan-IranFreeTradeAgreement
Business Recorder
6 days ago
- Business
- Business Recorder
KATI for removal of Iran-Pakistan trade barriers
KARACHI: Calling for enhanced governmental support, the President of the Korangi Association of Trade and Industry (KATI), Junaid Naqi urged both governments to take practical steps to eliminate trade barriers and help local businesses explore opportunities in the Iranian market. He also advocated for the promotion of barter trade to accelerate bilateral trade expansion. Welcoming the signing of 12 ministerial-level agreements between Pakistan and Iran, he said that the recently concluded negotiations on Free Trade Agreement (FTA) will pave the way for economic prosperity and deeper bilateral cooperation between the two brotherly nations. The FTA, according to Naqi, will lead to tariff reductions, removal of trade obstacles, and stimulate the business environment in both countries. He underscored the urgent need to strengthen economic linkages and business-to-business interactions, suggesting that joint exhibitions and B2B meetings be organized regularly. Naqi further urged the government to introduce effective policies to support domestic and foreign investors, citing lucrative opportunities in Pakistan's agriculture and industrial sectors. 'The Pakistan-Iran Free Trade Agreement has the potential to redefine our economic landscape and help both nations meet their growth targets through enhanced regional cooperation,' he concluded. Naqi highlighted that the current bilateral trade volume stands at just $3 billion, with Pakistan contributing only one-third, well below expectations. He stressed that with mutual efforts, the trade volume could be expanded to $10 billion. He identified key sectors with significant potential, including textiles, pharmaceuticals, leather, and food products, and emphasized the importance of leveraging Iran's affordable energy resources for Pakistan's industrial growth. 'Pakistan and Iran have long-standing relations that continue to strengthen over time. Our cooperation during the Iran-Israel and Pakistan-India wars is a testament to our historical solidarity,' he said. Copyright Business Recorder, 2025
Business Recorder
04-08-2025
- Business
- Business Recorder
Dar, Iranian president discuss bilateral ties
ISLAMABAD: Deputy Prime Minister and Foreign Minister Senator Ishaq Dar met with Iranian President Dr Masoud Pezeshkian on Sunday during the latter's official visit to Pakistan. In the meeting, Dar reaffirmed Pakistan's deep commitment to its historic and brotherly relations with Iran, underscoring the strong foundations of the relationship rooted in shared history, cultural heritage, faith, and mutual respect, according to an official statement issued here. President Pezeshkian expressed appreciation for Pakistan's continued support and reiterated Iran's resolve to enhance bilateral cooperation in areas of mutual interest. He also expressed optimism about holding meaningful discussions with Pakistani leadership aimed at further strengthening political and economic ties between the two neighbouring nations. Meanwhile, Dr addressed the Pakistan-Iran Business Forum, in the presence of President of Iran and the high-level accompanying delegation. Reaffirming the deep-rooted brotherly ties between Pakistan and Iran, the Dar underscored Pakistan's commitment to enhancing economic cooperation and regional connectivity. He welcomed the positive momentum toward finalizing the Pakistan-Iran Free Trade Agreement (FTA). He emphasised that economic diplomacy is a cornerstone of Pakistan's foreign policy. The Pak-Iran FTA and platforms like the Business Forum are vital for strengthening bilateral trade and promoting collaboration across key sectors, including energy, agriculture, manufacturing, and technology. Copyright Business Recorder, 2025
Business Recorder
04-08-2025
- Business
- Business Recorder
Two more joint border markets: Jam urges Iran to fast-track operationalisation
ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan has reaffirmed Pakistan's strong commitment to expanding trade and economic relations with Iran, expressing confidence in achieving the target of 10 billion dollars in bilateral trade by 2028. He was addressing the Pakistan-Iran Business Forum in Islamabad, held as part of the two-day official visit of Iranian President Dr Masoud Pezeshkian to Pakistan. In his welcome remarks, Jam Kamal Khan greeted the high-level Iranian delegation and emphasized the historical, cultural, and geographic ties between the two neighbouring countries. 'As someone from Balochistan, I know firsthand how vital cross-border trade with Iran is for our region's livelihood,' he said. PM Shehbaz says Pakistan-Iran trade to increase to $10bn The event was marked by the presence and speeches of President of Iran Dr. Masoud Pezeshkian and Pakistan's Deputy Prime Minister Ishaq Dar, reflecting the strong political will on both sides to deepen bilateral economic engagement. Iranian Minister of Industry, Mining, and Commerce Mohammad Atabak also addressed the forum, underlining Iran's interest in enhancing trade and joint ventures with Pakistan. Jam Kamal highlighted the recent reactivation of the Mand-Pishin Joint Border Market on July 30, calling it a major breakthrough for regional economic integration. He urged Iran to fast-track the operationalization of two more joint border markets at Chaghi-Kouhak and Gabd-Reemdan, which are seen as vital for the prosperity of bordering communities. The Minister announced the finalization of the Pakistan-Iran Free Trade Agreement (FTA), adding that it will provide a structured framework for expanding trade. He called for the swift implementation of the barter trade mechanism, which can help address currency and payment-related constraints. Other key areas of focus included the removal of non-tariff barriers, enhanced customs coordination, improved transport connectivity, and border infrastructure development. Jam Kamal pointed to significant untapped potential in minerals, agriculture, and energy sectors, and invited Iranian businesses to explore investment opportunities in Pakistan. He noted that the Government of Pakistan remains committed to facilitating trade through policy reforms and private-sector engagement. The Minister also confirmed that both sides have agreed to expedite the next session of the Pakistan-Iran Joint Economic Commission, which will play a pivotal role in resolving trade issues and unlocking new areas of cooperation. Jam Kamal Khan thanked President Pezeshkian and other dignitaries for their participation, calling their presence a powerful sign of goodwill and shared ambition. Copyright Business Recorder, 2025
Business Recorder
03-08-2025
- Business
- Business Recorder
Pak-Iran FTA vital for strengthening bilateral trade, says FM Dar
Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar on Sunday said Pakistan-Iran Free Trade Agreement (FTA) and platforms like the Business Forum are vital for strengthening bilateral trade and promoting collaboration across key sectors, including energy, agriculture, manufacturing, and technology. The foreign minister said this addressing the Pakistan-Iran Business Forum in Islamabad, in the presence of President of Iran Masoud Pezeshkian and the accompanying high-level delegation, the Foreign Office said. Reaffirming the deep-rooted brotherly ties between Pakistan and Iran, the FM underscored Pakistan's commitment to enhancing economic cooperation and regional connectivity. He welcomed the positive momentum toward finalising the Pakistan-Iran FTA. 'The economic diplomacy is a cornerstone of Pakistan's foreign policy,' he emphasised. He also highlighted the importance of deepening people-to-people linkages to ensure the shared prosperity of both countries.
