Islamabad, August 4: Pakistan and Iran reaffirmed their commitment to further strengthen bilateral economic relations and achieve the shared target of US$10 billion in annual bilateral trade during the 10th Pakistan-Iran Joint Trade Committee (JTC) held in Islamabad.
The meeting was co-chaired by Federal Minister for Commerce Jam Kamal Khan and Iran’s Minister for Industry, Mine and Trade Dr. Mohammad Atabak, followed by a bilateral meeting to review the full spectrum of bilateral trade and economic cooperation.
Welcoming the Iranian delegation, Federal Minister Jam Kamal Khan said Pakistan and Iran enjoy deep-rooted historical, religious, cultural and geographical ties, providing a strong foundation for expanding economic engagement.
He emphasized that while political relations between the two brotherly countries remain robust, economic cooperation must advance at the same pace to fully realize the immense potential of the partnership.
The Minister said the leadership of both countries has set an ambitious target of increasing bilateral trade to US$10 billion, stressing that this objective requires sustained collaboration, stronger institutional linkages and enhanced engagement between the public and private sectors.
Jam Kamal Khan highlighted the vast opportunities for cooperation in trade, industry, manufacturing, energy, agriculture, minerals, pharmaceuticals, textiles, automotive, sports goods, surgical instruments and other value-added sectors.
He emphasized that greater connectivity, enhanced market access and closer collaboration between businesses would significantly contribute to expanding bilateral trade and investment.
The Federal Minister underscored the importance of expediting negotiations on the Pakistan-Iran Free Trade Agreement (FTA), promoting investment, encouraging joint ventures and strengthening business-to-business (B2B) contacts to unlock new commercial opportunities. He also emphasized the need to operationalize and expand border markets, promote barter trade as a practical mechanism to facilitate bilateral commerce, and enhance trade facilitation measures to support businesses on both sides.
Addressing the Joint Trade Committee, Dr. Mohammad Atabak reaffirmed Iran’s commitment to strengthening its long-term economic partnership with Pakistan.
He highlighted the importance of expanding trade, investment, regional connectivity, industrial cooperation, border markets and private sector engagement, expressing confidence that enhanced collaboration would create new opportunities for businesses in both countries.
During the bilateral meeting, the two ministers reviewed progress on bilateral trade and agreed to further strengthen institutional cooperation, facilitate greater engagement between the business communities, promote investment and joint ventures, encourage regular B2B interactions, and accelerate implementation of mutually agreed initiatives aimed at enhancing trade, transit and economic cooperation.
Both sides expressed satisfaction over the positive trajectory of bilateral relations and reaffirmed their resolve to work closely for the timely implementation of agreed initiatives, with the shared objective of unlocking the full potential of Pakistan-Iran economic relations and achieving the US$10 billion annual bilateral trade target.
