News
Tuesday, July 01, 2008
Pak-Iran bus service from mid-August, says Naveed Qamar
* Four agreements signed during 17th JEC meetings
* Minister hopes bilateral trade will hit $1bn mark by next JEC sessionISLAMABAD: The government is looking forward to starting a bus service between Pakistan and Iran by the middle of August, Federal Minister for Finance and Economic Affairs Syed Naveed Qamar said at the conclusion of the 17th session of the Iran-Pakistan Joint Economic Commission (JEC) in Tehran. Pakistan and Iran signed four agreements during the commission meetings including an agreement between the Government of Islamic Republic of Pakistan and the Government of Islamic Republic of Iran on International Transport of Passengers and Goods by Road. Besides the agreement the two countries signed three Memoranda of Understanding (MoU): MoU with the Iran Chamber of Commerce, Industries and Mines, MoU with the Federation of Chamber of Commerce and Industries and an MoU among the Pakistan Television Corporation (PTV), the Pakistan Broadcasting Corporation (PBC) and the Islamic Republic of Iran Broadcasting (IRIB). The minister told reporters that Pak-Iran JEC is a useful institutional framework to regulate the economic relations between the two countries and to identify new avenues of co-operation. Qamar also said that in the changing trends of global economy, Pak-Iran economic integration should improve, and both countries need to take measures to open up their economies and explore possibilities of regional trade. He said the foreign direct investment in Pakistan during the fiscal year 2007-08 touched $4 billion mark that proved the growing confidence of the investors in Pakistan’s economy. One billion dollar market: Qamar expressed the hope that the annual volume of bilateral trade between the two countries would reach $1 billion by the next session of the JEC, while noting significance of Iran's co-operation in the power sector of Pakistan. Speaking on the occasion, Iranian Foreign Minister Manouchehr Mottaki said the co-operation of the two countries in gas pipeline project would improve economic prospects of the region. The potential for economic co-operation between the two countries was far more than the present volume of trade, at $500 million, the minister said, adding that the immediate target was to hit the $1 billion mark in the near future. The minister expressed grief at the tragic death of Benazir Bhutto, saying the Iranian people shared the loss. Ambassador of Pakistan in Iran Shafkat Saeed and senior officials attended the signing ceremony of the agreements. Syed Naveed Qamar led the Pakistani delegation in the JEC, while Manouchehr Mottaki represented the Iranian team. online
Courtesy Daily Times