The Two Neighboring Countries, Iran & Pakistan Continue Discourse On Bilateral Trade

A meeting was held between representatives of Iran and Pakistan to discuss ways to strengthen ties between the two countries. From Iran the meeting was attended by its Deputy Minister of Economic and Finance Affairs, Hassan Abghari. While Dr. Abdul Hafeez Shaikh, Federal Minister for Finance and Revenue represented Pakistan in the meeting.

The Deputy Minister of Iran was joined by Muhammad Surkhabi who is the Deputy Head of the Iranian Mission Embassy. This was revealed in a press release given by the Finance Ministry of Pakistan.

The neighboring countries that share a 959km border in the meeting reemphasized their commitment to encourage trade and economic relations between them. The countries aspire to achieve this by advancing historical ties and working on cultural harmony, geographical proximity and shared economic interests.

The two sides traded views on subjects of mutual interests. The press release added that the Finance Minister on the event underlined the need to discover ways for advancing trade dealings.

Dr. Abdul Hafeez opined that Pakistan-Iran Investment Company could assume a focal role in bolstering investment and trade.

The Finance Minister informed the Deputy Minister that the Pakistani government was chasing a broad-based economic transformation plan. The scheme would accomplish sustainable economic development and export-led growth.

He also informed about the monetary difficulties presented by the COVID-19 pandemic. He elucidated the measures taken by the government to reduce the unfavorable effect of the pandemic on the marginalized segments of the community.

He further stated that the Pakistani government had introduced the biggest Fiscal Stimulus Package ever. He continued by telling about the smart lockdown strategy introduced to ensure the weak fragments of the society were protected. The minister also added that this strategy of the government was internationally recognized.

The minister expressed that the government was solidly dedicated to addressing the essentials of the economy through viable policymaking. The government is targeting reforms with an intention to accomplish comprehensive and sustainable development methodology.

Historically, the economic ties between the two countries have experienced noteworthy improvement. These improved relations have been promoted by forums such as Regional Cooperation Development (RCD). The purpose of RCD has been to address the socio-economic restrictions and requirements of Pakistan, Iran, and Turkey.

Pakistan and Iran often had more disagreements than agreements. The two countries have tried to boost bilateral trade while identifying economic commitment as a major factor in their affiliation. Nonetheless, territorial security concerns become an obstacle in their mutual engagement.

On different occasions, the neighboring countries have made substantial efforts to prioritize economic growth. This latest meeting is again a step in that direction. It remains to be seen how both the countries decide to implement their economic engagement plans to promote bilateral trade and economic growth.