The remarks by Dr. Reza Amiri Moghadam, the Ambassador of Iran to Pakistan, highlight a significant potential for enhancing bilateral trade and economic integration between Iran and Pakistan. His address to the business community in Islamabad underscored several key points aimed at strengthening the economic ties between the two countries:
- Bilateral Trade Potential: The Ambassador emphasized that with strong economic and trade integration, the bilateral trade between Pakistan and Iran could increase up to $5 billion a year in the coming years. This represents a significant opportunity for both nations to benefit from increased commerce.
- Integration through Transportation: A focus on air, rail, and maritime integration was mentioned as a catalyst for not only boosting bilateral trade but also enhancing regional and global trade. The significance of land and sea connectivity between the two geo-strategically important countries was highlighted as crucial in the geo-economy landscape.
- Border Trade Markets: To improve transit trade, 12 border trade markets have been initiated, with 6 already completed. This development is seen as a step towards economic integration and enhancing trade across the border.
- Port Cooperation: The Ambassador suggested declaring Gwadar and Chabahar ports as coastal sister ports to jointly achieve mutual economic development, underlining the importance of these ports in maritime trade ties.
- Participation in Global Forums: The involvement of Pakistan and Iran in major forums like the Shanghai Cooperation Organization (SCO), ECO, and D-8 facilitates working on common economic goals, thereby strengthening bilateral and regional cooperation.
- Support for Mega Projects: The China Pakistan Economic Corridor (CPEC) and Belt and Road Initiative (BRI) are seen as vital for the economic relations between Pakistan and Iran, with the potential to stabilize and prosper the region.
- Economic Corridors and Logistics: The Ambassador spoke on the importance of various economic corridors and the transportation and logistics sector in reducing business costs and connecting the global supply chain.
- Trade and Industry Opportunities: There is significant potential for Pakistan in the Iranian market, especially in agriculture, industry, and halal products. Additionally, tourism, particularly religious tourism, presents opportunities for mutual cooperation.
- Science and Technology Cooperation: Despite international sanctions, Iran has made progress in science and technology, areas in which cooperation with Pakistan could be beneficial for both countries.
- Industrial Exhibitions: The upcoming trade and industrial exhibition in Tehran in April 2024 was mentioned as an excellent opportunity for the business communities of both countries to enhance cooperation and explore new avenues for partnership.
With an emphasis on doable actions like infrastructure development, collaboration in important industries, and participation in international forums and fairs, these principles represent a complete strategy for strengthening trade and economic ties between Pakistan and Iran. The breadth of opportunities represented by the possible $5 billion increase in bilateral trade highlights the need for both sides to work together in order to achieve this goal.
