Iran-Pakistan FTA Talks Conclude

The second round of negotiations between Iran and Pakistan on a free trade agreement started in Islamabad on Tuesday and concluded on Wednesday.

A three-member delegation from Trade Promotion Organization of Iran visited Pakistan to attend the meeting.

Mirhadi Seyyedi, the caretaker of Export Markets Development Department of Iran’s Trade Promotion Organization, led the Iranian delegation, Pakistan Observer reported.

The meeting discusses implementation of an already signed preferential trade agreement between the two countries.

Reviewing the mutual trade list and FTAs’ text was also on the agenda of talks for finalizing the agreement.

The first round of the talks was held between the two countries in Tehran in December 2016. Iran and Pakistan have agreed to increase annual trade volume to $5 billion by 2021.

Trade between the two countries increased by 33.5% to reach from $861 million two years ago to more than $1.15 billion in the last Iranian year that ended on March 20, 2017, IRNA reported.

Last year’s trade balance was close to $430 million in favor of Iran.

In a major development after Iran signed a nuclear deal with world powers, the central banks of the two countries have signed an agreement to resume the banking channel.