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

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  • 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. 

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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