Free trade negotiation between Iran, Pakistan to begin in September

A top Iranian trade official claims that direct negotiations between Iran and Pakistan for a free trade agreement will begin in September and that a deal may be reached before the end of the Iranian calendar year in March 2024.

‌‌‌‌‌‌Iran (IMNA) - Hadi Talebian, who is in charge of the South Asia Department at Iran's Trade Promotion Organization (TPO), said on Tuesday that it would be a significant accomplishment if free trade agreements could be reached with this countru this calendar year.

According to Talebian, a free trade agreement with Pakistan will present its own challenges because Iran dominates the commerce between the two countries.

However, he asserted that such a contract would include "special arrangements" and would be much more advantageous to Iran than a barter system that certain companies and government representatives in Iran and Pakistan had suggested.

In accordance with their preferential trade deal, Iran and Pakistan have lowered their tariffs on several commodities' imports and exports.

In order to promote free commerce between citizens living close to their borders, the two nations have also developed a plan to open six significant border markets.

Earlier in June, Pakistan enacted a decree permitting barter trading for a number of products, including gas and oil, with Iran, Russia, and Afghanistan.

According to TPO data, commerce between Iran and Pakistan reached around $2.4 billion in the year to March, with almost 1.8 billion of that amount coming from exports from Iran to Pakistan.

In the year leading up to March 2025, the Iranian government agency projects that bilateral commerce with Pakistan would rise by up to 20%.

News ID 670032


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