TEHRAN, May 11 (MNA) – The fifth meeting of the Iran-Pakistan Joint Trade Committee (JTC) opened in Tehran on Sunday to review the causes of a drop in bilateral trade volume.

Trade between Iran and Pakistan amounted to $769 million in 2007, but it declined to $574 million in 2008, IRINN reported.

 

According to the Pakistani Business Recorder website, the Iran-Pakistan Joint Ministerial Commission (JMC) in its meeting last year decided to reactivate the Joint Trade Committee where enlargement of Preferential Trade Agreement (PTA) with Iran would remain as the main focus of discussion.

 

Pakistan and Iran signed the International Road Transport Agreement in June 2008 to facilitate movement of passengers and goods by road between and through both countries. As a consequence, traffic/trucks from Pakistan and Turkey would be able to ply through Iran, while Iran will also have access to China, via Pakistan.

 

During its meeting last year, the JMC decided that this should be enlarged to cover more items actually traded between the two countries to boost trade between the two countries. Pakistan’s exports to Iran reached $214 million in 2007-08 compared to $167 million in 2006-07, registering an increase of 27 percent. The discussion on enlargement of the PTA will provide increased market access to Pakistan’s exports through its territory.

 

Sources said that this concern was noted to be resolved jointly by ministries of commerce and communication during the JMC meeting. They said that the issue would also be discussed at the JTC meeting.

 

This meeting is taking place after a period of more than five years. The last meeting of the JTC was held in 2003.

 

NK/MRK

END

MNA

News Code 33694

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