Pakistan and Iran have agreed to set a target of $8 billion in annual bilateral trade, aiming to enhance economic cooperation and regional connectivity.
The development came during a meeting between Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, and Iranian Minister for Industry, Mine and Trade, Mohammad Atabak, in Islamabad.
Both sides agreed to give a new direction to bilateral trade and accelerate the pace of cooperation.
Kamal stated that it is time to accelerate trade ties with Iran and transform geographical proximity into economic advantage.
The ministers also stressed the importance of enhancing cross-border cooperation and agreed to expedite the upcoming session of the Pakistan-Iran Joint Economic Commission.
The two sides welcomed growing trust between the Pakistani and Iranian business communities and launched a new series of B2B meetings to further collaboration.
The ministers discussed cooperation in agriculture, energy, livestock, logistics, and IT services, and highlighted the need to better utilise border facilities and trade corridors.
Kamal described Pakistan-Iran friendship as a symbol of trade, culture, and brotherhood, adding that economic cooperation is essential to strengthen fraternal relations.
Atabak noted that close ties between the two countries could bring stability to the region.
Yesterday, Iranian President Dr Masoud Pezeshkian arrived in Pakistan on a two-day state visit to hold bilateral talks with the Pakistani leadership.
Read: Red carpet rolled out for Iran’s president
Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Minister for Information and Broadcasting Attaullah Tarar received the Iranian President and his delegation at the Nur Khan airbase.
Dr Pezeshkian is accompanied by a high-level delegation, including Iranian Foreign Minister Abbas Araghchi, senior ministers and other high-ranking officials.
Dr Pezeshkian will meet President Asif Ali Zardari and also hold delegation-level talks with the Pakistani Prime Minister and his cabinet ministers.
Defence ministers
The Honourable Minister for Defence of the Islamic Republic of Iran, Brig General Aziz Nasir-Zadeh, held a bilateral meeting with the Honourable Minister of Defence Khawaja Muhammad Asif in Islamabad.
During the meeting, both sides discussed matters of mutual interest, including regional security, counter-terrorism efforts, and avenues to enhance defence cooperation between the two neighbouring countries.
Read more: Govt measures help curb smuggling
Earlier, Pakistan had taken a host of strict measures to control the smuggling of commodities, including oil supplies from Iran, which led to an increase of up to 340% in legal trade.
Though the government has sprung into action to curb the smuggling of Iranian oil, the domestic oil industry claims the illegal trade has started rising again, sparking concerns among market players.
