The bilateral relationship between Pakistan and Iran is going through a transformative change. Both countries have named the Pakistan-Iran border as “Border of Peace, Friendship and Love” as the connectivity has always been positive. In a recent meeting, both the countries decided to enhance bilateral trade by introducing a border market as Pishin Border Market A total of 12 border markets have been proposed by both sides out of which 9 have been approved. Border markets are key hubs of social and business exchange in border regions and the two countries would engage in trade through the barter system.
The economic growth of Pakistan highly depends on its exports and the revenue generated is used to finance its imports. Even though Pakistan is producing a modest share of Liquefied Petroleum Gas (LPG), currently, it imports oil and gas from Iran because as the demand is increasing, the trade volume needs to be enhanced. Previously, Iran also helped Pakistan when the country faced a shortage of onions and tomatoes. The crisis of food security will also be solved through border markets. The friendly and supportive relationship between the two countries has proven that the cooperation must be continued and expanded to further strengthen the bond and increase the volume of trade. The open border market will increase productivity, help both countries grow faster and provide opportunities to the people. Moreover, it will benefit low-income households by having access to affordable goods and services. The border markets between Pakistan and Iran will facilitate local-level connections and stimulate border economies.
Pakistan and Iran desire that there should be an increase in the volume of trade. It can be done by offering good quality products at low costs. Since it is a neighbouring country, the trade cost will be less already. Pakistan must also produce good quality and variety of products that can be exported to Iran. The friendly relations must be mutual and strategic partnership should be encouraged. Local resources can be used to keep production costs low. Pakistan is facing the worst floods due to which the government of Iran has promised to fully cooperate for the rehabilitation of affected people. Bilateral trade relations must always be expanded to gain trust and attract more countries to participate as well.
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