All Set to Dispatch High-Level Trade Team to Iran

ISLAMABAD: Pakistan is all set to dispatch a high level trade delegation led by Commerce Minister Jam Kamal to Iran as follow up of all matters discussed during the recent visit of the deceased Iranian President well informed sources told Business Recorder.

These instructions were issued by Prime Minister Shehbaz Sharif at a recent meeting of Federal Cabinet.

During recent high level talks, both countries agreed to enhance bilateral volume to $10 billion in the next five years. However, soon after announcement of this development, Washington reacted sharply, saying that it was closely monitoring the trade pact and cautioned Pakistan of the risk of sanctions.

In historic visit, Iran President Raisi says decision made to increase bilateral trade five-fold to $10bn

The Ministry of Law and Justice apprised that the Federal cabinet, in its meeting dated 20th April 2024, approved the proposals for signing of the following instruments: (i) Memorandum of Understanding between the Ministry of Justice of the Islamic Republic of Iran and the Ministry of Law and Justice of the Government of the Islamic Republic of Pakistan on Mutual Legal Cooperation; and (ii) agreement between Pakistan and Iran on Mutual Legal Assistance in Civil and Commercial Matters.

The Ministry of Law and Justice further noted that pursuant to the approval of the Cabinet, the authorised representative of Pakistan and Iran had signed the instruments. It was submitted that while the MoU had entered into force on the date of signing, requiring no further action by the Cabinet, the Agreement required the Cabinet’s ratification.

The Ministry of Law and Justice solicited approval of the Federal Cabinet accordingly for the ratification of the Agreement in terms of Rule 16(1)(h) of the Rules of Business, 1973 as proposed in the summary.

After a brief discussion, the Cabinet approved the proposal “ratification of the agreement between Pakistan and Iran on mutual legal assistance in civil and commercial matters,” submitted by the Ministry of Law and Justice.

The Cabinet directed the Ministry of Commerce to prepare comprehensively for a high-level visit to Iran, to be headed by the Minister for Commerce, Jam Kamal.

Commerce Ministry was further directed to brief the Prime Minister on the progress on all matters decided during the recent visit of the deceased Iranian President, and arrange sideline meeting on matters relating to Information Technology during the visit to Iran.