Pakistan and Iran agree to set a $ 8 billion target in annual bilateral trade in the purpose of improving economic cooperation and regional connection.
The development came during a meeting between Pakistan’s Federal Minister of Trade, Jam Kamal Khan and Iranian Minister of 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 speed up trading tapes with Iran and transform geographical proximity into financial advantage.
Ministers also emphasized the importance of improving cross-border cooperation and agreed to speed up the upcoming session for Pakistan-Iran Joint Economic Commission.
The two sides welcomed the growing confidence between the Pakistani and Iranian business communities and launched a new series of B2B meetings for further cooperation.
Ministers discussed cooperation in agriculture, energy, livestock, logistics and IT services and highlighted the need to better utilize border facilities and trading corridors.
Kamal described Pakistan-Iran friendship as a symbol of trade, culture and fraternity, adding that economic cooperation is important to strengthen fraternal connections.
Atabak noted that close ties between the two countries could bring stability to the region.
Yesterday, Iranian President Dr. Masoud Pezeshkian to Pakistan on a two-day state visit to hold bilateral conversations with Pakistani leadership.
Read: Red blanket rolled out for Iran’s president
Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Minister of Information and Issuement Attaullah Tarar received Iranian president and his delegation at the Nur Khan airflow.
Dr. Pezeshkian is accompanied by a high -level delegation, including Iranian Foreign Minister Abbas Araghchi, senior ministers and other senior officials.
Dr. Pezeshkian meets President Asif Ali Zardari and also holds delegation levels with the Pakistani Prime Minister and his cabinet ministers.
Defense Ministers
The Honorable Minister of Defense for the Islamic Republic of Iran, Brig General Aziz Nasir-Zadeh, held a bilateral meeting with the honorable Minister of Defense Khawaja Muhammad Asif in Islamabad.
During the meeting, both sides discussed issues of mutual interest, including regional security, terrorist efforts and opportunities to improve defense cooperation between the two neighboring countries.
Read more: Govt -Measurements help brake smuggling
Previously, Pakistan had taken a number of strict measures to control smuggling of raw materials, including oil supplies from Iran, leading to an increase of up to 340% in legal trade.
Although the government has jumped into action to slow down the smuggling of Iranian oil, the domestic oil industry claims that illegal trade has begun to rise again and trigger concerns among market players.
