Business

Pakistan, Iran chalk out five-year trade plan with $5 billion target

Published

2 years ago

Farwa

FM Bilawal says plan aimed at removing impediments to bilateral trade.
Both sides agree to prioritise operationalisation of five remaining border markets.
Islamabad, Tehran also agree to continue cooperation to counter Islamophobia.

ISLAMABAD: Pakistan and Iran on Thursday set a target of $5 billion for bilateral trade as the two countries chalked out a five-year trade cooperation plan to enhance cooperation.

Foreign Minister Bilawal Bhutto-Zardari said the plan was aimed at removing impediments in bilateral trade, finalising Free Trade Agreement and establishing institutional linkages between the private sectors of both countries.

He made these comments while addressing a joint press conference with his Iranian counterpart Hossein Amir Abdollahian in Islamabad today.

“I am confident that the steps we are taking today, will chart the course for a long-term durable economic partnership between our two countries in the months and years ahead,” the foreign minister told the media persons after two leaders held delegation-level talks in a meeting.

He said during their meeting, they had agreed to prioritise the operationalisation of the five remaining border markets by the end of this year.

Bilawal said Pakistan and Iran had decided to repatriate all the sentenced prisoners as per provisions of existing agreements between the two sides. It has also been decided to set free fishermen in custody in Pakistan and Iran and to waive off any fine imposed by the authorities of both countries for the release of their vessels.

The foreign minister said the two sides will exchange lists of prisoners to put into practice this understanding expeditiously.

The meeting also discussed the grave human rights situation in Indian Illegally Occupied Jammu and Kashmir (IIOJK).

Bilawal thanked the Iranian leadership for its firm and consistent support of the legitimate cause of the Kashmiri people.

Regarding the situation in Afghanistan, both sides agreed to continue their active engagement to advance peace and stability in Afghanistan to promote the well-being and prosperity of Afghan brothers and sisters.

They also agreed to continue their cooperation to counter Islamophobia and anti-Muslim hatred.

“There has been an unfortunate series of Islamophobic acts and events across Europe, and not just isolated events but repeated and premeditated provocations. In my view, these are not only hate speech but would endanger provoking violence.”

In his remarks, the Iranian FM emphasised the enhanced bilateral cooperation in the fields of economy, trade and tourism.

He said both countries were committed to increasing the bilateral trade to $5 billion and agreed to set up a special economic free trade region along the common border points.

Amir said the two countries will take immediate steps for the release of fishermen and their vessels.

Emphasising the completion of the Pakistan-Iran gas pipeline, the Iranian FM said the project would serve the national interests of the two countries.

He also condemned the recent terrorist attack in Bajaur while extending sympathies with the people and government of Pakistan as well as the grieved families.

Calling for support to the people of Afghanistan, FM Amir said any situation in the country would have an impact on the neighbouring countries of Pakistan and Iran.

“Therefore, under any circumstances, it was the religious and humanitarian responsibility to extend support to the people of Afghanistan,” he added.

Both sides also signed agreements and memorandum of understanding (MoUs) of cooperation between Pakistan and Iran in various fields.

Business

SFD and Pakistan Sign Two Deals Totaling $1.61BLN

Published

1 day ago

Farwa

Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

Business

Saudi Arabia and Pakistan sign an MOU to strengthen their auditing industry collaboration.

Published

1 day ago

Farwa

A spokesperson for the office of the Auditor-General of Pakistan (AGP) announced on Monday that the two countries have signed a Memorandum of Understanding (MoU) to strengthen cooperation in public sector auditing through improved cooperation between audit institutions of both countries, as well as training programs and the exchange of trainers.

This comes as a group from Saudi Arabia’s General Court of Audit (GCA), headed by GCA President Dr. Hussam bin Abdulmohsen Alangari, arrived in Pakistan on Sunday for a four-day visit.

The agreement was signed during AGP Muhammad Ajmal Gondal’s meeting with the Saudi delegates, aiming to strengthen audit cooperation, enhance knowledge-sharing, and improve governance, transparency and accountability in government spending.

Public relations officer Muhammad Raza Irfan of the AGP’s office told Arab News that the deal will further advance bilateral collaboration between Saudi Arabia and Pakistan in addition to enhancing professional ties between the two nations’ auditing institutions.

In a statement released from his office, AGP Gondal was cited as saying, “This collaboration marks a significant step toward fostering international cooperation in auditing.”

“The exchange of ideas and methodologies will undoubtedly strengthen our capacity to meet emerging challenges and set new benchmarks for public accountability.”

Discussions at Monday’s meeting focused on fostering closer ties between the Supreme Audit Institutions (SAIs) of Pakistan and Saudi Arabia, sharing innovative audit methodologies, and planning collaborative initiatives for the future, according to the AGP office.

The two parties decided to increase their knowledge of theme, environmental, and impact audits as well as to exchange best practices in audit standards, performance audits, and citizen participation audits.

The statement added, “It also agreed to exchange trainers, address new auditing challenges, plan cooperative audits, including a performance audit on the oil and gas sector in 2025, and work together on training programs.”

Both sides reaffirmed their shared commitment to promoting transparency, accountability and excellence in public sector auditing.

Business

The government chooses to continue the PIA privatization process.

Published

1 day ago

Farwa

The Pakistan International Airlines (PIA) privatization process will be restarted by the federal government, and expressions of interest would be requested within the month. Officials stated that the Prime Minister’s Committee on Privatization will convene to make the final decision.

Usman Bajwa, the secretary of the Privatization Commission, gave a briefing on the updated procedure to the National Assembly Standing Committee on Privatization. Additionally, he disclosed that airlines other than PIA are now able to compete with regional carriers thanks to IMF-approved aircraft tax concessions.

Farooq Sattar, the chairman of the privatization committee, underlined the importance of giving PIA workers at least five years of job security. Employee protection will continue to be a top priority and will be resolved prior to bidding, the Privatization Commission promised.

PIA’s liabilities totaling Rs650 billion have already been assumed by the government, and an additional Rs45 billion in outstanding debts must be paid before the privatization process can begin. As of the now, PIA has assets around Rs155 billion and liabilities worth Rs200 billion. It will be necessary for the new buyer to expand the fleet by 15 to 20 aircraft.

Additionally, the Privatization Committee has sought a timeline for the privatization of Faisalabad, Gujranwala, and Islamabad Electric Supply Companies. Officials stated that after the appointment of a financial advisor, the privatization process for these companies will accelerate.