Tehran and Islamabad have pledged to expedite the finalization of a Free Trade Agreement (FTA), as stated in a joint statement issued on Wednesday, marking the conclusion of Iranian President Ebrahim Raisi’s three-day official visit to Pakistan.
The joint statement highlights the commitment of both nations to swiftly conclude the FTA and convene subsequent sessions of annual Bilateral Political Consultations (BPC), Joint Business Trade Committee (JBTC), and the 22nd round of negotiations of the Joint Economic Commission (JEC) in the near future. Last month, Iranian Ambassador Dr. Reza Amiri Moghadam emphasized the potential of the FTA to bolster mutual trade, stressing the importance of robust air, maritime, and sea links.
Reflecting on President Raisi’s visit to Pakistan, the statement underscores the comprehensive review of Pakistan-Iran bilateral relations, emphasizing the mutual desire to enhance interaction through regular high-level visits. Both nations have also agreed to facilitate the exchange of economic and technical experts, as well as delegations from Chambers of Commerce, to foster economic cooperation.
Furthermore, the declaration of the Reemdan border point as an international crossing point under the TIR Convention and the opening of the remaining two border sustenance markets have been mutually agreed upon. The joint commitment to transform the common border into a “border of prosperity” through joint development-oriented economic projects, including the establishment of joint border markets and economic free zones, underscores the shared vision for regional economic integration.
In the energy domain, both countries reaffirm their commitment to cooperation, including trade in electricity, power transmission lines, and the Iran-Pakistan Gas Pipeline Project, with the aim of increasing bilateral trade volume to $10 billion over the next five years.
President Raisi’s departure from Pakistan marks the conclusion of his maiden visit, during which productive discussions were held, and agreements were reached to advance bilateral cooperation across various sectors. His visits to Lahore and Karachi, despite local holidays announced to facilitate his itinerary, underscore the significance of fostering cultural exchanges and strengthening economic ties between the two nations.
Amid regional tensions and geopolitical complexities, President Raisi’s visit signifies a renewed commitment to bilateral engagement and collaboration, particularly in light of recent security challenges and shared economic objectives. As both nations strive to overcome historical impediments and explore new avenues of cooperation, the visit heralds a promising chapter in Pakistan-Iran relations.
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