TEHRAN - Iran’s Minister of Industry, Mines and Trade Reza Fatemi Amim says plans are in the offing to increase Tehran-Islamabad trade to $5 billion in two years’ time.
Fatemi Amim added Iran can invest in the domains of dairy products and household appliances in Pakistan.
He made the comments on the margins of the ninth meeting of Iran-Pakistan Joint Trade Committee in Tehran on Saturday.
He said Iran and Pakistan are two major and important countries in the region, but the level of their economic ties is unfortunately not desirable.
“In today’s meeting, it was agreed that trade between the two countries rise five-fold in the next two years and reach $5 billion, and that problems and obstacles in the free trade agreement between the two countries be removed in the coming three months,” he said.
“Iran and Pakistan’s economies are complementary, and we can not only exchange commodities, but also make joint investments,” the minister added.
Based on the talks held, he said, private companies of both countries will soon establish their economic ties.
“Two centers will also be set up tasked with removing economic and trade hurdles between the two countries,” the minister explained.
During the Iran-Pakistan Joint Trade Committee meeting, the latest developments related to bilateral economic and commercial cooperation, border trade, custom and developing shared border markets were discussed and examined.
Moreover, various issues including preferential trade and free trade between Iran and Pakistan, cooperation on holding exhibitions with the participation of bank and trade officials, private sectors as well as chambers of commerce officials of the two neighboring countries were discussed.