Pakistan and Iran will remove trade barriers

ISLAMABAD: Pakistan and Iran have agreed to remove trade restrictions, as both countries are eyeing to achieve an annual trading volume of $10 billion dollars amid geopolitical turmoil in the region.

Addressing the Pakistan-Iran Business Forum in the federal capital on Sunday, President Masoud Pezeshkian stressed the need for regional connectivity by developing land and sea routes.

In this connection, he also highlighted the importance of special economic zones that will boost trade and economic activities, as Pakistan and Iran are set to start working on removing trade barriers.

Read more: Pezeshkian to sign trade agreements during Pakistan visit

Pezeshkian said his country was determined for a strong political and economic bond with Pakistan, while also citing the $10 billion bilateral trade.

On the other hand, Pezeshkian said Iran and Pakistan would also work joint counterterrorism efforts — an important highlight of his visit, as the two countries are experiencing rising terrorism.

Read more: Rubio tells Shehbaz US wants to work with Pakistan for peace in region

IRANIAN NUCLEAR PROGRAMME

Earlier in the day, Prime Minister Shehbaz Sharif once again reiterated the stance that Iran had every right to pursue a peace nuclear programme — a repeat of the statement he made during his visit to Tehran.

Read more: Shehbaz says Pakistan supports peaceful Iranian nuclear programme

“Pakistan stands by Iran for the acquisition of peaceful nuclear power,” he said and added that Iran defended itself against the unjustified Israeli aggression.

SIMILAR VIEWPOINT

Earlier, Deputy Prime Minister Ishaq Dar told the gathering that Pakistan and Iran had agreed to trade restrictions, as the two sides are eyeing an annual trade target of $10 billion amid geopolitical turmoil in the region.

Dar, who is a cabinet member being the country’s foreign minister, said the two neighbours have similar views on different issues at forums like Shanghai Cooperation Council (SCO) and Economic Cooperation Council (ECO).

He called for strengthening trade relations and said Islamabad was determined to extend all possible facilities to foreign investors.

At the same time, the foreign minister promised that Islamabad would finalise all the trade agreements signed with Iran, which were set to provide new economic opportunities.

LEAST INTEGRATED

The announcement about getting rid of trade barriers is of great significance. Despite being the SCO and ECO members, Pakistan and Iran do not trade much.

On the other hand, South Asia is one of the least integrated regions in the world — one of the main reasons why it is so volatile given the Pakistan-India rivalry.