A new long-term trade agreement signed in Islamabad by the commerce ministers of Iran and Pakistan provides a new framework for the expansion of commerce between the two countries.
SV Pakistan flag TILT DOWN TO GV & SV Sign "Commerce Ministry Building" (2 shots)
MV (Left to right) Khan and Mahdavi signing
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SV Both Ministers shaking hands and exchanging documents
Initials BB/1900 GH/DW/BB/1910
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Background: A new long-term trade agreement signed in Islamabad by the commerce ministers of Iran and Pakistan provides a new framework for the expansion of commerce between the two countries.
The agreement was signed on Friday (9 May) by Iran's commerce minister, Mr. Fereidoun Mahdavi, and Pakistan's commerce minister, Mir Afzal Khan.
The new agreement is renewable after five years and replaces a 1962 accord between Iran and Pakistan. Trade between the two countries has increased from 4,429 million dollars (GBP1,926 million Sterling) in 1969/70 to 33,252 million dollars (GBP14,414 million Sterling) in 1973/74.
An official announcement after the signing said the agreement reflected the desire of the two governments to extend and strengthen their economic and trade ties.
The agreement especially provides for long-term commodity deals to encourage a greater flow of goods between Iran and Pakistan.
During his visit to the Pakistani capital, Mr. Mahdavi also discussed the establishment of joint ventures financed by Iranian credits.
Iran last year gave Pakistan 580 million dollars (GBP252 million Sterling) worth of assistance and increased equity investment in Pakistani projects.