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Iran, Pakistan keen on FTA

Iran, Pakistan keen on FTA

Negotiations between Iran and Pakistan on a free trade agreement (FTA) have entered into final phase and Pakistan’s Ministry of Commerce has sought a comprehensive analysis of the agreement.
In their last meeting, the two countries decided to carry out further deliberations to complete all annexes of the agreement by June 2018, which would complete the technical process of final FTA for consequential approval by the respective governments, IRNA reported.
In this connection, the ministry has invited request for proposal (RFP) from consultancy firms/individual consultants to conduct a research study on Pakistan-Iran trade relations.
The Ministry of Commerce said Pakistan was looking forward to strengthening its relationship with Iran by enhancing bilateral trade relations.
In December 2016, Pakistan and Iran started negotiating a FTA with the resolve to timely complete the negotiation process and achieve the objective of enhancing trade for the betterment of people of both countries.
The talks were an outcome of a MoU signed in March 2016 by Islamabad and Tehran on a five-year strategic trade cooperation plan.
According to a document, the ministry has sought comprehensive analysis of international trade behavior of Iran, sanctions relief and regional integration, Pakistan-Iran trade patterns, Pakistan’s export potential to Iran and the establishment of banking channels.
The research study will analyze procedural requirements, including customs procedures of the importing country, comparative study of regional trade arrangement and their implications on Pakistan-Iran FTA and analysis and suggestion on trade remedies.
The ministry has also sought a detailed overview of the existing banking system used by other key trading partners of Iran for payments.