Azerbaijan, Baku, Jan. 14 / Trend, A.Yusifzade /
Pakistan and Iran on Thursday agreed to formulate a five-year strategic plan for tripling the bilateral trade volume from the existing $1.2 billion through reduction in duty and taxes on more items under the operational preferential trade agreement, IRNA reported.
The Pakistani delegation was led by Makhdoom Muhammad Amin Fahim, Minister of Commerce of Islamic Republic of Pakistan, and the Iranian delegation was headed by Mehdi Ghazanfari, Minister of Commerce of the Islamic Republic of Iran.
The two sides held discussions in an atmosphere of complete understanding and cordiality with the desire for enhancing the bilateral trade.
It was agreed to constitute a Joint Working Group comprising public and private sector representatives from both sides, the statement said.
The Iranian side agreed to host the first Joint Working Group meeting in Tehran within four months.
The Joint Working Group (JWG) will take stock of several issues including 25 percent increase in bilateral trade, improvement of infra-structure - Roads and railways, deepening of Pak-Iran PTA-inclusion of more items, exploring the possibility of Free Trade Agreement.
The JWG will also discuss ways for the removal of non-tariff barriers, to increase cooperation between trade promotion organizations, enhance private sector cooperation, review private sector Joint investments and to hold single Country Exhibitions and participation in specialized exhibitions.
The issue of holding of regular meetings of Pak-Iran JBC was discussed and both sides agreed to hold next Pak-Iran Joint Business Council (JBC) on 26-27 January, 2011 in Islamabad.
Both sides agreed that the next meeting of the JTC will be held in the first half of 2012 in Iran.
Iran's non-oil export to Pakistan increased by 30 percent to $513 million in 2010 as compared to 2009. Total goods turnover between the two countries reached $873 million, IRNA quoted the Director General of Iranian Trade Promotion Organization (TPO) Amir Talebi as saying.
Iron ore, polyethylene, and transformers were the main items exported from Iran to Pakistan in 2010.
Rice, pears, mangoes and other tropical fruit, sugar, transport vehicles, machines and mechanical devices and cotton textiles were the main imported items from Iran to Pakistan in this period.
According to Talebi, Iran's imports from Pakistan amounted to $360 millions during 2010 or the same in 2009.