*ISLAMABAD: Pakistan and Iran have signed a 32-point memorandum ofunderstanding (MoU) for promotion of bilateral trade between the twocountries.*
It is learnt that the MoU was signed at the ninth meeting of Iran-PakistanJoint Trade Committee held in Zahedan (Iran).
Both sides have agreed to take measures to expand the annual tradeexchanges by the year 2023. As a result of the MoU, Pak-Iran traderelations and barter trade would flourish and continue without hurdles.
Pakistani delegation was led by Muhammad Sadiq, Chief Collector Customs(Balochistan) and Iranian side was headed by General Manager of Industry,Mine and Trade Organisation, Iran. Both the senior officials signed the MoUon behalf of the respective countries.
President Chamber of Commerce & Industry Quetta Fida Hussain Dashti andSenior Vice President Haji Ayyub and Vice President Amjad Ali Siddiqui andother senior officials of the QCCI were also present.
The signing ceremony took place at the conclusion of the two-day meeting ofthe Iran-Pakistan Joint Trade Committee, which was tasked with paving theground for enhancing trade ties between the two countries.
A six-member committee was constituted comprising officials from customs,border and trade. The committee would review the status of theimplementation of the decisions of the Iran-Pakistan Joint Trade Committee.The first meeting of the committee would be held in July 2022 in Pakistan.The next meeting will be held in Iran.
Under the MoU both the sides agreed on the operationalisation of thefive-year strategic trade in the field of transportation, increase thebasket of barter trade, build joint border markets as well as reducetariffs.
Customs authorities of Pak and Iran would establish a hotline to facilitatetraders of both sides.
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Both sides agreed to ensure phase-wise implementation of border markets andinvestors’ access to the special economic zones for enchanting tradebetween the two countries. The six market places are to be established onthe border between Pakistan’s Balochistan province and the Iranian provinceof Sistan-Baluchestan.
The full implementation of the MoU would not only promote trade activitiesbetween the two countries but also help create massive job opportunitiesfor their people.
The MoU would also ensure the speedy establishment of joint border marketsin efforts to strengthen cross-border economic exchanges and crack down onillegal border trade.
On the conclusion, Pakistani side was confident that we hope the promotionof bilateral trade will make the two brotherly countries economicallyprosperous. The QCCI members had always played a vital role in promotinglegal trade between Pakistan and Iran for which they deserved commendation.
Customs officials referred to the determination for expansion of bilateraleconomic relations, stipulating that Iran was ready to remove obstacles inthe way of developing trade exchanges with Pakistan in a bid to enhanceeconomic ties with the neighbouring country.
Pakistan has a narrow export basket to Iran, as 63 per cent of the exportscomprised rice alone. A preferential trade agreement (PTA) was signed withIran in 2006. Tariff concessions were granted to Iran on 309 tariff lineswhereas Pakistan was given concessions on 338 tariff lines. Major sectorscovered under the PTA were rice, fruits, cotton, cotton yarn,pharmaceutical products and cutlery.
