Economy, Domestic Economy

Tayebnia in Islamabad

Tayebnia in Islamabad
Tayebnia in Islamabad

Iran and Pakistan can make a joint investment to launch a special economic zone that can be used by both sides, Ali Tayebnia, Iranian minister of economic affairs and finance, said in a meeting with Sartaj Aziz, national security and foreign affairs adviser to Pakistani Prime Minister Nawaz Sharif, IRNA reported.

An economic delegation headed by Tayebnia  has traveled to Pakistan to attend the 19th meeting of Iran-Pakistan Joint Economic Commission, held in the Pakistani capital Islamabad on December 9 -10.

“Border markets or bazaars, which can be shared between the two countries, can help maintain and further expand cultural and commercial ties between the two countries,” Tayebnia said.

The official also said that the so-called Peace Pipeline Project must be completed as soon as possible. The 2,775 km-long gas pipeline is expected to deliver Iran’s natural gas to Pakistan.

“Iran views Pakistan as a significant trade partner as the two countries’ fates are tied together,” he added.

The Pakistani official, for his part, expressed hope that a “commercial council” will be launched by the two countries to facilitate bilateral trade.

Tayebnia also met with his Pakistani counterpart Mohammad Ishaq Dar. Both ministers said Tehran and Islamabad should further broaden their trade relations.

During his two-day stay in the neighboring country, Tayebnia is also expected to meet with Pakistani Premier Nawaz Sharif, Minister of Petroleum and Natural Resources Shahid Khaqan Abbasi, and Commerce Minister Khurram Dasgir Khan.

Trade between Tehran and Islamabad is currently hovering at about $1 billion in value, with the officials from both sides believing that the figure is much less than what it should be given that both countries have had friendly political relations since the establishment of Pakistan as a UN-recognized sovereign state in 1947.

In May, Tayebnia said that trade between the two countries is set to reach about $5 billion in the future.

Last week, Iranian Parliament Speaker Ali Larijani and Pakistani President Mamnoon Hussain, in a meeting in Islamabad, underlined the need to further broaden mutual cooperation.