The Federation of Pakistan Chambers of Commerce and Industry and the Iran Chamber of Commerce, Industries, Mines and Agriculture on Wednesday signed a Memorandum of Understanding to enhance bilateral trade and economic cooperation between the two countries.
FPCCI President Atif Ikram Sheikh and ICCIMA Vice President Hossein Pirmoazzen signed the MoU during the closing ceremony of the 10th session of the Pakistan Iran Joint Trade Committee.
Co-chaired by Commerce Minister Jam Kamal Khan and Iran’s Minister for Industry, Mines and Trade Mohammad Atabak, the committee held detailed discussions on expanding bilateral trade and economic cooperation and reached important understandings across multiple sectors. Both sides also agreed on a comprehensive roadmap to address challenges faced by the business communities of both countries.
The agreement between FPCCI and ICCIMA aims to promote barter trade, strengthen business to business linkages, enhance industrial cooperation and investment, and increase private sector engagement. It also focuses on facilitating the implementation of bilateral trade agreements and activating joint border markets to boost cross border trade activities.
FPCCI’s Sheikh described the hosting of the Joint Trade Committee session in Islamabad as a historic milestone in Pakistan Iran economic relations. He reaffirmed the strong commitment of Pakistan’s business community to work closely with their Iranian counterparts to achieve the shared goal of increasing bilateral trade to $10 billion.
He also welcomed the comprehensive plan agreed upon by both governments to address border related trade issues and emphasized the importance of sustained collaboration between the business communities of Pakistan and Iran. He expressed confidence that stronger institutional cooperation between FPCCI and ICCIMA would open new avenues for trade, investment, industrial partnerships and regional economic integration.
During the session, both commerce ministers also signed agreed minutes reflecting the outcomes of the two day discussions, covering a wide range of areas related to trade and economic cooperation.