Monday, December 11, 2023

Pakistan plans to build three markets near the Iranian border in order to increase bilateral commerce

Pakistan is building three markets in the border region with Iran to boost bilateral Iran , said trade adviser  Abdul Razak Dawood, announced.

These three border markets will be established in Gabd, Mund and Chedgi in Balochistan. Pakistan and Iran signed a letter of intent during Foreign Minister Shah Mehnood Qureshi’s visit to Iran in April.

The new market will also create economic opportunities for the community, he said. In the first phase of border market formation, three were established in Kuhak-Chaji, Rimdan-Gabd and Pishin-Mand. In the second stage, three more will be identified.

“This will not only strengthen bilateral trade, but also provide economic opportunities and support for people in border areas,” the adviser said.

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There is great potential for bilateral trade between Pakistan and Iran, but real trade is currently negligible – $359 million, with exports $36 million and imports $323 million. There are four traditional modes of transportation for trade between countries, but they are not used efficiently or economically.

Iran is ready to barter with Pakistan in the energy and agriculture sectors and has the potential to export petrochemical products, steel and liquid oil to Pakistan; Pakistan can export rice, meat and other agricultural products to Iran.

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