— Neighbouring nations expedite FTA finalisation to tap into ‘vast potential for trade and investment’
QUETTA: Prime Minister Shehbaz Sharif and President Ebrahim Raisi of Iran jointly inaugurated the Mand-Pishin border sustenance market on Thursday, with the aim of bolstering bilateral trade between the two nations.
The border sustenance marketplace is one of six border markets slated for construction along the Pakistan-Iran border. It is expected to serve as a vibrant platform for enhancing cross-border trade, stimulating economic growth, and creating new opportunities for local businesses.
During the inauguration, both leaders symbolically planted a sapling on the market premises, underscoring their commitment to advancing the bilateral relationship between Pakistan and Iran.
In attendance at the event were Foreign Minister Bilawal Bhutto-Zardari, Power Minister Khurram Dastagir, Information Minister Marriyum Aurangzeb, and senior officials from both countries.
In addition to the market inauguration, the prime minister and the Iranian president also marked the official opening of the Polan-Gabd electricity transmission line at the Mand-Pishin border crossing point.
This transmission line will play a crucial role in meeting the energy requirements of the region, including households and businesses, by facilitating an additional 100 MW of electricity import from Iran.
Responding to the event, the Foreign Office released a statement affirming that the joint inauguration exemplifies the unwavering commitment of Pakistan and Iran to improve the well-being of residents in the neighbouring provinces of Balochistan and Sistan-Balochistan, respectively.
TRADE AGREEMENT
Separately, Prime Minister Sharif announced that Pakistan and Iran have made the decision to expedite the finalisation of a free trade agreement (FTA) in order to tap into the vast potential for trade and investment between the two nations.
During a meeting between Sharif and Raisi, held following the inauguration of the border market, bilateral ties and cooperation were extensively discussed.
Expressing his satisfaction with the “very productive and positive” meeting, the prime minister addressed a gathering of local elders, highlighting that both sides have agreed to forge ahead in various sectors such as trade, investment, information technology, agriculture, and more.
Furthermore, the leadership of both countries has expressed a keen interest in exploring opportunities for collaboration in the field of power transmission.
In particular, Prime Minister Sharif revealed he had suggested enhanced cooperation in the solar energy sector, to which the Iranian president had responded positively.
During the meeting, the prime minister also presented suggestions regarding the China-Pakistan Economic Corridor (CPEC), emphasizing the need for joint efforts in implementing the decisions made.
Turning to the inauguration of the border market, the prime minister emphasised its potential to stimulate trade activities in the surrounding areas, while expressing plans for the construction of trade centres to further bolster economic growth.
Moreover, he extended an invitation to the Iranian president to visit Pakistan, which was “graciously accepted”, according to APP.
In reference to the 100-megawatt Gabd-Bolan transmission line project, the prime minister acknowledged previous delays but commended the current government for ensuring its completion in record time. President Raisi also demonstrated a keen interest in the project.
The prime minister further mentioned that issues pertaining to power tariffs have been amicably resolved with the Iranian government.
“This is a momentous day for Pakistan-Iran friendship and will serve as a milestone in the development of both countries,” remarked Prime Minister Sharif.
