Pakistan, Iran agree to take annual bilateral trade volume to $8 billion

ISLAMABAD: Pakistan and Iran have agreed to taking the annual bilateral trade volume to $8 billion, as trade ministers agreed to boost economic cooperation and mutual trade.

Pakistan’s Minister for Commerce, Jam Kamal Khan, and Iranian Minister for Industry, Mine and Trade, Mohammad Atabak, in a meeting in Islamabad reached to the agreement.

The volume of bilateral trade between Pakistan and Iran reached $2.8 billion in the fiscal year that ended in June this year.

The ministers agreed to give a new direction to bilateral trade and enhance the pace of cooperation.

Jam Kamal said that it is time to boost trade ties with Iran and turn geographical proximity into economic advantage.

The ministers also stressed the importance of increasing 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 utilize 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.