Pakistan and Iran to increase bilateral trade to $5 Billion.

Business

In the next five years, Pakistan and Iran have agreed to expand their bilateral trade volume to $5 billion.

The decision was reached at a high-level discussion in Tehran between Abdul Razak Dawood, Adviser to the Prime Minister on Commerce and Investment, and Syed Reza Fatimi Amin, Iran’s Minister of Industry, Mining, and Trade, before the 9th Joint Trade Committee meeting (JTC).

The barter trade deal was also signed by Abdul Razak Dawood and his Iranian counterpart. On November 6-7, the 9th Joint Trade Committee (JTC) met in Tehran.

Dawood had left for Iran on a two-day visit earlier last Friday to discuss bilateral trade and investment with the Iranian administration. Pakistan and Iran have agreed to begin preliminary discussions on a Free Trade Agreement (FTA) between the two nations, as well as other critical matters relating to bilateral trade and investment.

In the concluding session of the 9th JTC, the countries took the first step toward implementing this decision by signing a Pak-Iran Barter Trade Agreement. Presidents of the Quetta Chamber of Commerce and Industries (QCCI) and the Zahedan Chamber of Commerce and Industry, Fida Hussain Dashti and Abdul Hakim Regi, signed the agreement.

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