Pakistan Sets Up Three Markets Near Iran Border 2022
Following the signing of a Memorandum of Understanding (MoU) between Pakistan and Iran in April of this year, three markets are being constructed near the Pakistan-Iran border in Balochistan, according to the PM’s adviser on commerce and trade.
In accordance with the negotiated Memorandum of Understanding, Pakistan and Iran have agreed to build “Border Markets” along their border, which was established in April 2021.
According to the adviser in a subsequent tweet, this will not only improve bilateral trade but also offer economic prospects and subsistence to residents of border regions.
It is important to note that six markets are to be constructed along the border between Balochistan and the Iranian province of Sistan-Baluchistan in accordance with the agreement.
The two nations are figuring out various strategies, such as a free trade pact, to increase their meagre bilateral trade volume.
Trade between the two neighbours is currently valued at $359 million.
Imran Khan, Pakistan’s prime minister, gave his approval in September to the construction of 18 marketplaces near Iran and Afghanistan’s borders. Twelve of them will be built close to the Afghan border.
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