Iran-Pakistan Economic Commission opening session held in Islamabad

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The 21st Iran-Pakistan joint economic commission's (JEC) opening session was held in the Pakistani capital of Islamabad, according to Iranian news agency IRNA reports today, Wednesday.

IRNA added that the parties discussed a draft of a memorandum of understanding.    

Shahriar Afandizadeh, the Iranian Deputy Minister of Roads and Urban Development, and Muhammad Humair Karim, the Pakistani Secretary Ministry of Economic Affairs co-chaired the opening session, which involved matters such as developing transport equipment, improving railways and roads, expanding cooperation in the energy sector, as well as implementing a gas pipeline project from Iran to Pakistan, the news agency said, citing Afandizadeh.    

The economic commission will hold an official meeting on Thursday under the chairmanship of the Iranian Minister of Roads and Urban Development Rostam Ghasemi.

The 20th Session of the JEC was held in Tehran on April 17 and 18 of 2017.

Iran, Pakistan previous talks on bilateral relations

In February, Interior Minister of Iran Ahmad Vahidi held a meeting with Pakistani Prime Minister Imran Khan at the Prime Minister's Palace in Islamabad, in light of the need of two countries to develop mutual economic cooperation supported by well-built political and security bilateral relations.

Iranian envoy Seyyed Mohammad Ali Hosseini and several Pakistani officials attended the meeting, which focused on the facilitation of trade at the common borders.

Following the meeting, Vahidi said the two countries have "deep and wide-ranging relations" and should advance their economic cooperation, through new border crossings and border markets, as per the Islamic Republic News Agency (IRNA).

Vahidi noted that using the railway between Iran and Pakistan helps the latter access Turkey and Europe through the Iranian railway system, which is a common beneficial strategy.

Imran Khan emphasized the importance of boosting the security of the borders between the two countries.

Iran: Volume of Trade Exchange with Afghanistan, Pakistan will Rise to $5B 

The Iranian Executive Director of Iranian Free and Economic Zones, Saeed Mohammad, revealed in November that the volume of trade exchange between Iran on one side and Afghanistan and Pakistan on the other is expected to rise to $5 billion.

Mohammad announced, in a press statement, that the volume of trade exchange between Iran and these two countries currently stands at $1.5 billion, with intentions to raise it to $5 billion.

He pointed out that increasing the volume of trade exchange with eastern countries is a goal for Iran, noting that the Supreme Council of Iranian Free and Economic Zones is preparing an action plan to start free economic activities in the Sistan region in southeast Iran.

Mohammad added that infrastructures such as Zabul Airport and the new railway line between Chabahar and Zahedan, which is connected to the Milk border port, provide an appropriate opportunity for the development of commercial activities in this region.

He referred to the new city of Ramshar as the appropriate place to construct a free trade zone and the development of commercial activities with Afghanistan.