ISLAMABAD: Pakistan and Iran reportedly launched Bilateral Political Consultations (BPC) in Tehran aimed at improving bilateral economic relations, including finalizing the Free Trade Agreement (FTA), Bilateral Investment Treaty (BIT) and opening banking channels, Informed sources at the Board of Investment (BoI) said business registrar.
Both countries are holding the 12 bilateral political consultations at a time when Iran and Saudi Arabia have diplomatically re-engaged with Chinese mediation.
The sources said that PBC will revolve around bilateral relations and the regional situation, especially in the Middle East.
Barter trade: Pakistan and Iran for boosting banking channels
According to the sources, the key items on the agenda for the 12th BPC include the following: (i) economic and trade relations, including barter trade mechanism, bank cooperation, ongoing PTA evaluation, FTA finalization, convocation of the 22nd Joint Economic Commission (JEC) and 11th Joint Border Trade Committee (JBTC), Operationalization of Border Markets, Bilateral Investment Treaty, Declaration of Rimdan as the Convention on the International Carriage of Goods (TIR) and modernization of the Taftan-Mirjaveh border gate; (ii) energy cooperation covering the Iran-Pakistan gas pipeline, Iran’s uninterrupted power supply to Balochistan, Iran’s offer of €2 million of LPG humanitarian aid for people affected by the floods, and Iran’s offer of sell an additional 5,000 MW of electricity to Pakistan; (iii) Aviation cooperation, including issues relating to Fifth Freedom Rights to Pakistan, direct flights between Islamabad and Tehran, codeshare, designation of Sepheran Airlines on the Lahore-Mashad route and designation of Pouya Airlines on the route from Quetta-Zahidan; (iv) improvement of border maps between Pakistan and Iran; (v) Zaireen Management Policy; (vi) security cooperation with Iran; and (v) defense cooperation. The sources said that, to reaffirm Pakistan’s point of view, the Additional Secretary (Afg and West Asia) chaired the Inter-Ministerial Meeting last week to finalize the talking points for the PBC.
Last week, Pakistan and Iran also held negotiations on the trilateral cooperation framework with China in economic and other areas, including the Bilateral Investment Treaty (BIT), as the Iranian delegation of the Investment Organization’s Iran investment delegation , Iran Economic and Technical Assistance (OIETAI). I was in the federal capital.
Iran’s high-level delegation headed by Ali Fekri, Deputy Minister and Head of OIETAI visited Federal Minister of Economic Affairs Sardar Ayaz Sadiq.
Ali Fekri, Deputy Minister and Head of the Iran Economic and Technical Assistant Investment Organization (OIETAI), met with Sadiq to discuss bilateral economic cooperation and strengthen ties between the two nations.
Business Copyright Registrar, 2023
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