ECO region with an area of more than 8 million square kilometers stretching from central to south and south-west Asia and a population of around 450 million inhabitants is well-known for its natural beauties, as well as diversity of its historical-cultural heritage. In this respect the region has a significant potential to be one of the major tourism destinations in the world, albeit not duly explored. The Region is one of the world’s richest in terms of historical and cultural heritage and echoes memoires of the ancient Silk Road.

As one of the largest and fastest growing economic sectors in the world, tourism is well-positioned to foster economic growth and development at all levels and provide income through job creation. The ever increasing and contribution of tourism to the world economy and less investment requirements and environmental effects makes it inevitable to adopt plans and strategies for development of tourism on national and regional basis.

Trade and Foreign Direct Investment (FDI) play an important large role in the economic growth of developing countries. Increased exports and inward investment creates wealth which drives economic growth and hence creates jobs in an economy.

In ECO too, Trade and Investment sector occupies the foremost important place and is among the core priority areas. High level fora (including Ministerial Meetings on Commerce and Foreign Trade, Ministerial Meetings on Finance and Economy, the Meetings of Heads of Tax Administration, Heads of Central Banks, Heads of Customs Administrations, Heads of Trade Promotion Organizations) make decisions on trade related matters. These decisions determine the direction and scope for ECO cooperation in the areas of trade and investment.

The ECO-Vision 2025 was approved during the 13th ECO Summit held at Islamabad, Islamic Republic of Pakistan on 1st March 2017.

Trade Related Part of Vision 2025

 Chambers of commerce of Iran and Pakistan have agreed on forming a committee to resolve the trade disputes between the two countries.

The agreement was signed as part of the 21st Session of Iran-Pakistan Joint Economic Commission which was held after five years in Islamabad.

The Iranian delegation to Pakistan was Headed by Minister of Road and Urban Development Rostam Qassemi.  

During the session in the Pakistani capital, representatives from the Iranian and Pakistani chambers of commerce also agreed on a different range of issues including, the dispatch of an Iranian private sector delegation to Karachi, Pakistan, exchange of trade information, execution of barter trade agreements between the two countries, signing an agreement on formation of a trade dispute resolution committee and forming an Iran-Pakistan trade council between the two chambers of commerce.   

As a document has been signed earlier between the Iran’s Zahedan Chamber of Commerce and Pakistan’s Quetta Chamber of Commerce and Industry on facilitation of barter trade, the two sides agreed to devise a mechanism to implement the document and provide the necessary software infrastructures within a month. 

Chambers of commerce of Iran and Pakistan have agreed on forming a committee to resolve the trade disputes between the two countries.

The agreement was signed as part of the 21st Session of Iran-Pakistan Joint Economic Commission which was held after five years in Islamabad.

The Iranian delegation to Pakistan was Headed by Minister of Road and Urban Development Rostam Qassemi.  

During the session in the Pakistani capital, representatives from the Iranian and Pakistani chambers of commerce also agreed on a different range of issues including, the dispatch of an Iranian private sector delegation to Karachi, Pakistan, exchange of trade information, execution of barter trade agreements between the two countries, signing an agreement on formation of a trade dispute resolution committee and forming an Iran-Pakistan trade council between the two chambers of commerce.   

As a document has been signed earlier between the Iran’s Zahedan Chamber of Commerce and Pakistan’s Quetta Chamber of Commerce and Industry on facilitation of barter trade, the two sides agreed to devise a mechanism to implement the document and provide the necessary software infrastructures within a month. 

Iran and Pakistan are expected to sign a free trade agreement (FTA) within the next six months, says a senior Pakistani government official, amid efforts by the two neighbors to boost their bilateral trade.

Pakistan’s Minister for Commerce Naveed Qamar said on Thursday that Pakistan and Iran will in the next few months give a final shape to an FTA that aims to promote the value of bilateral trade between the two neighbors to up to $4 billion per year.

Iran and Pakistan are currently on a preferential trade arrangement under which the two countries have sought to reduce some trade barriers and tariffs.

Qamar was quoted as saying by the Associated Press of Pakistan that Islamabad and Tehran will, in the meantime, exchange trade lists for various sectors of their economies while trying to further reduce tariffs on exports and imports to reach a reasonable framework for signing an FTA.

The minister made the comments while attending the 21st Session of Pak-Iran Joint Economic Commission (JEC) in Islamabad where Iran’s Minister for Roads and Urban Development Rostam Ghasemi was also attending.

Qassemi leads a senior delegation of Iranian government officials and business representatives during his trip to Pakistan.

The minister said on Wednesday that the decision by Iran and Pakistan to hold the JEC meeting after a five-year hiatus showed the two countries were determined to boost their economic ties.

The APP said Iran and Pakistan signed four major cooperation documents during the JEC meeting in Islamabad on Thursday. The agreements will cover cooperation between the two countries on maritime issues as well as on media, tourism and ties between their national museums.

TEHRAN – At the end of the 21st Session of the Pak-Iran Joint Economic Commission which was held in Islamabad on Thursday, the two sides inked agreements to expand relations, especially in trade and maritime areas.

Iranian Transport and Urban Development Minister Rostam Qasemi and Pakistani Minister for Commerce Naveed Qamar inked four memorandums of understanding in the fields of trade, tourism, maritime, and media, IRNA reported.

On the sidelines of the signing ceremony, the Pakistani official said the two neighboring countries are expected to sign a free trade agreement (FTA) within the next six months amid efforts to boost their bilateral trade to up to $4 billion per year.

Iran and Pakistan are currently on a preferential trade arrangement under which the two countries have sought to reduce some trade barriers and tariffs.

Qamar was quoted as saying by the Associated Press of Pakistan that Islamabad and Tehran will, in the meantime, exchange trade lists for various sectors of their economies while trying to further reduce tariffs on exports and imports to reach a reasonable framework for signing an FTA.

The two countries agreed on holding the 22nd edition of the event in Tehran next year.

 13% rise in trade

The value of Iran’s non-oil export to Pakistan rose 13 percent in the first quarter of the current Iranian calendar year (March 21-June 21), from that of the same quarter in the previous year, Ruhollah Latifi, the spokesman of the Islamic Republic of Iran Customs Administration (IRICA) said in July.

Iran exported commodities worth $279 million to Pakistan in the three-month period of this year, he noted.

The country also imported goods valued at $196 million from its neighbor in the first quarter of this year, which was 208 percent higher than the imports in the first quarter of the previous year, the official added.

Pakistan was Iran’s sixth major export destination and fourth main source of import in the first quarter of the current year.

Increasing non-oil exports to neighboring countries is one of the major plans that the Iranian government has been pursuing in recent years.

MG

Photo: Iran and Pakistan are currently on a preferential trade arrangement under which the two countries have sought to reduce some trade barriers and tariffs.

TEHRAN – At the end of the 21st Session of the Pak-Iran Joint Economic Commission which was held in Islamabad on Thursday, the two sides inked agreements to expand relations, especially in trade and maritime areas.

Iranian Transport and Urban Development Minister Rostam Qasemi and Pakistani Minister for Commerce Naveed Qamar inked four memorandums of understanding in the fields of trade, tourism, maritime, and media, IRNA reported.

On the sidelines of the signing ceremony, the Pakistani official said the two neighboring countries are expected to sign a free trade agreement (FTA) within the next six months amid efforts to boost their bilateral trade to up to $4 billion per year.

Iran and Pakistan are currently on a preferential trade arrangement under which the two countries have sought to reduce some trade barriers and tariffs.

Qamar was quoted as saying by the Associated Press of Pakistan that Islamabad and Tehran will, in the meantime, exchange trade lists for various sectors of their economies while trying to further reduce tariffs on exports and imports to reach a reasonable framework for signing an FTA.

The two countries agreed on holding the 22nd edition of the event in Tehran next year.

 13% rise in trade

The value of Iran’s non-oil export to Pakistan rose 13 percent in the first quarter of the current Iranian calendar year (March 21-June 21), from that of the same quarter in the previous year, Ruhollah Latifi, the spokesman of the Islamic Republic of Iran Customs Administration (IRICA) said in July.

Iran exported commodities worth $279 million to Pakistan in the three-month period of this year, he noted.

The country also imported goods valued at $196 million from its neighbor in the first quarter of this year, which was 208 percent higher than the imports in the first quarter of the previous year, the official added.

Pakistan was Iran’s sixth major export destination and fourth main source of import in the first quarter of the current year.

Increasing non-oil exports to neighboring countries is one of the major plans that the Iranian government has been pursuing in recent years.

MG

Photo: Iran and Pakistan are currently on a preferential trade arrangement under which the two countries have sought to reduce some trade barriers and tariffs.

Official figures from Iran’s foreign trade during the first four months of the current Iranian fiscal year (March 21-July 22) suggest that the country has registered a $871 million trade surplus with its 15 neighboring countries.

Iran traded 27.03 million tons of goods worth $16.87 billion, excluding crude oil exports, with its 15 neighboring countries during the four-month period, registering an 18% rise in value compared to the corresponding period of last year, according to Rouhollah Latifi, the spokesperson of the Islamic Republic of Iran Customs Administration.

All changes cited below are in value.

Exports hit 20.71 million tons worth $8.87 billion to register a 22% rise year over year.

Iraq was the biggest destination for Iranian exports during the period with 6.9 million tons of imports worth $2.4 billion, registering 15% YOY decline.

Following were the UAE with 4 million tons worth $2.3 billion (up 39%), Turkey with 3.4 million tons worth $2 billion (up 123%), Afghanistan with 938,000 worth $497 million (down 32%), Oman with 1.1 million tons worth $415 million (up 135%), Pakistan with 855,000 tons worth $377 million (up 10%), Russia with 427,000 tons worth $232 million (up 25%), Azerbaijan with 250,500 tons worth $232 million (up 78%), Turkmenistan with 439,000 tons worth $132 million (up 37%), Armenia with 279,000 tons worth $113.4 million (up 36%), Kuwait with 1.66 million tons worth $58 million (up 35%), Kazakhstan with 207,000 tons worth $49.4 million (down 7%), Qatar with 287,000 tons worth $40 million (down 12%), Bahrain with 3,840 tons worth $3 million (up 43%), and Saudi Arabia with 121 tons worth $15,688 (down 52%), IRNA reported.

Imports stood at 6.32 million tons worth $8.14 billion during the same period, registering a 13% increase compared with the corresponding period of last year, the official added.

The UAE, with 3.6 million worth $4.9 billion was the biggest exporter to Iran, registering a 4% YOY rise, followed by Turkey with 983,000 tons worth $1.8 billion (up 18%), Russia with 930,000 tons worth $599 million (up 39%), Pakistan with 300,000 tons worth $324.5 million (up 298%), Oman with 262,000 tons worth $323.3 million (up 32%), Kazakhstan with 173,000 tons worth $76.2 million (up 167%), Iraq with 39,000 tons worth $54.7 million (down 61%), Qatar with 702 tons worth $13.8 million (up 208%), Azerbaijan with 8,600 tons worth $13.5 million (up 25%), Turkmenistan with 18,200 tons worth $10,6 million (down 23%), Afghanistan with 6,400 tons worth $7.32 million (up 135%), Kuwait with 1,300 tons worth $3 million (down 26%), Armenia with 1,500 tons worth $2.8 million (down 71%), and Bahrain with 28 tons worth $513,000 (up 8%).”