ISLAMABAD - Pakistan and Iran on Tuesday resolved to enhance bilateral trade between the two brotherly counties from $1.5 billion to $5 billion by exploring new avenues of economic cooperation. Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh and visiting Iranian Deputy President on International Affairs Ali Saeedlou expressed this resolve after signing the minutes of bilateral cooperation at the conclusion of Pakistan-Iran bilateral talks here. Both the sides agreed to speed up work on various ongoing projects, particularly Iran-Pakistan Gas pipeline project and electricity project to help Pakistan overcome the energy crisis.
Talking to newsmen on the occasion, Dr Abdul Hafeez Shaikh said that Iran and Pakistan had historic brotherly and geographical relations with common faith, which would be strengthened with the passage of time. He said that both the countries had huge trade and investment potential as well as capacity to launch joint ventures, which needed to be exploited for the benefit of their peoples. Shaikh said several areas of cooperation, including information technology and industrial development were identified as priority ones during the talks. He said the two sides agreed to promote trade in commodities, including rice, fruits and vegetables besides cooperation in sectors like energy and livestock. He said they also discussed to promote collaboration in transportation, customs and financial sectors as well. Shaikh said that both the president and the prime minister were committed to promote business relations among the neighbouring countries. He said that the businessmen of the two countries would identify further areas of business-to-business of cooperation while joint ventures would be launched in the industrial production sector. Earlier, speaking during the talks, the Advisor said there was a need to eliminate tariff and Non-Tariff Barriers and provide incentives to the private sector for trade development. Speaking on the occasion, Iranian Vice President for International Affairs Ali Saeedlou said Pakistan and Iran had great potential to enhance their cooperation in various fields, particularly in energy, trade and economy. He said Iran would help Pakistan in development projects and added that the work on gas pipeline project would be expedited.
Iran has already completed the pipeline at its side while Pakistan should accelerate the work on its side as the project would help in the progress and prosperity of its people. He also announced $100 million assistance for the development of flood stricken people in Pakistan. The Iranian Vice President also thanked the people and the Government of Pakistan for extending warm hospitality to him and his delegation. It is pertinent to mention here that Pakistan and Iran held bilateral consultations to explore ways and means for bilateral cooperation. Advisor for Finance Dr Hafeez Shaikh led the Pakistani delegation, comprising Governor State Bank of Pakistan, Chairman Federal Bureau of Revenue, Secretaries of Foreign Affairs, Commerce, Water and Power, Railways and Economic Affairs Division. The Iranian side was headed by Vice President Ali Saeedlou and included a number of deputy ministers from different sectors. The two sides reviewed bilateral economic relations, including commerce and transport and communication, energy, railways, civil aviation and oil and gas sectors. During the talks, technical groups on various sectors including energy, trade, railways, communication, petroleum and natural resources, civil aviation links and finance held discussions to explore ways for cooperation in these particular areas. On the sidelines of the Pak-Iran bilateral talks, a business to business meeting of the delegates from the private sectors of both the countries was also held during which it was resolved that tariff and non-tariff barriers would be removed to facilitate obstacle-free trade.