The team will comprise high-ranking officials from Pakistan Army and Railways and headed by Federal Inspector Railways Mian Arshad.
Major General Shahzad Sikander, Brigadier Nassem Baig and Colonel Faheem will represent the Pakistan Army in the team. From the Railways Additional General Manager Liaqat Chughtai, Humayun Rasheed and Chief Mechanical Engineer Locomotive Majeed Baig will be part of the team.
The team has been directed to present its findings within 72 hours.
The Pakistan Railways also decided on Friday to launch an investigation into the Gujranwala train tragedy which occurred a day earlier.
The investigation is being headed by Federal Government Inspector of Railways Mian Muhammad Arshad.
Railway officials said repair work on the bridge as well as restoration of track will take around two weeks.
They added that due to the closure of track, all trains have been directed to alternative routes.
At least 17 people died on Thursday and 85 were injured when four bogies of a special train carrying Pakistan military troops and their families to Kharian fell into a canal near Jamke Chattha in Gujranwala.
According to the ISPR, rescue teams including army aviation helicopters and SSG divers are still carrying out a search operation.
Funeral prayers offered for martyrs of incident
Funeral prayers were offered Thursday night and Friday for the martyrs who were killed during the train tragedy.
Army chief Gen Raheel Sharif also attended the funeral prayers at Airbase Gujranwala.
Among the martyrs whose funeral prayers were offered were Unit Commander Lieutenant Colonel Amir Jadoon, his wife and two children, Major Abid, Captain Kashif, Lieutenant Abbas, Sepoy Sultan, Sepoy Dhani Baksh, Sepoy Saleem and Sepoy Arshad.
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Special coverage on China's Two Party Sessions by The Daily Mail - People's Daily