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Iran and Pakistan have pledged to promptly finalize a Free Trade Agreement (FTA), as stated in a joint statement released by both nations following discussions between their respective leaders. The statement highlighted the intention to swiftly conclude the FTA, alongside the scheduling of upcoming sessions for annual Bilateral Political Consultations (BPC), Joint Business Trade Committee (JBTC), and the 22nd round of Joint Economic Commission (JEC) negotiations.
During Iranian President Ebrahim Raisi’s recent visit to Pakistan, both countries committed to elevating bilateral trade to $10 billion. Additionally, they agreed to boost mutual engagement through regular high-level visits and the facilitation of exchanges between economic and technical experts. Notably, the Reemdan border point was designated as an international border crossing point under the TIR Convention, with plans for the opening of joint border markets.
Furthermore, the joint statement emphasized cooperation in the energy sector, particularly in electricity trade, power transmission lines, and the Iran-Pakistan Gas Pipeline Project.
Following the conclusion of his three-day visit, President Raisi departed from Karachi, where he was seen off by Governor Sindh Kamran Tessori, Chief Minister Murad Ali Shah, and Federal Minister Riaz Hussain Pirzada. During his visit, President Raisi and Prime Minister Shehbaz Sharif expressed their commitment to combating terrorism through enhanced cooperation.
The visit attracted international attention, particularly amid tensions between Iran and Israel. Despite external pressures, Pakistan maintained its stance and informed the US that the visit was planned independently of regional tensions.
In recent developments, the US imposed sanctions on four firms, including three Chinese companies, allegedly linked to Pakistan’s missile program. This move coincided with Pakistan’s hosting of President Raisi, prompting speculation about its implications.
Pakistan has shown interest in reviving the Iran gas pipeline project, despite US warnings of potential sanctions. The delicate balance between maintaining ties with Iran and Saudi Arabia remains a priority for Islamabad, though recent improvements in Saudi-Iran relations have eased concerns on that front.
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Haseeb Abdullah
