Pakistan, Iran agree to Swift Free Trade Agreement, target $10 b trade over five years

Iran and Pakistan agreed to expeditiously finalize agreement on Free Trade, FTA and boost their mutual trade to USD10 billion over the next 5 years by joint Economic Projects, setting up of Border Markets, Special free zones, and Open Borders. The bilateral relations and cooperations were discussed during the delegation-level talks between Pakistani P.M Shahbaz Sharif and Iranian President Dr. Seyed Ebrahim Al-Raisi who was on an official visit to Pakistan from April 22-24, accompanied by a high-level delegation comprising Foreign Minister Amir Abdollahian, as well as other top-level officials with Iranian Business Community.Agreed to turn the Pak-Iran border from a ‘Region of peace’ to a ‘Belt of prosperity’, both countries reiterated the importance of cooperation in the energy sector, including trade in electricity, power transmission lines and Pak-Iran Gas Pipeline Project, according to a joint statement issued by Pakistani Foreign Office on the culmination of Iranian President's visit on Wednesday. Both sides underscored the imperative of a long-term sustainable Economic partnership and Joint regional economic and connectivity model, particularly for socio-economic development in Iran’s Sistan-Balochistan and Pakistan’s Balochistan provinces. The two sides reviewed the entire spectrum of Pakistan-Iran bilateral relations, exchanged views on regional and global issues of mutual concern, and signed multiple accords.