Pakistan, Iran eye $10 bn bilateral trade as PM arrives in Tehran

Tehran: Prime Minister Muhammad Shehbaz Sharif said that the bilateral trade between Pakistan and Iran which stood at $3 billion, would be taken to $10 billion volume in the next few years, as there was immense potential of growth.

Prime Minister Shehbaz Sharif on Monday departed to Iran after concluding his two-day official visit to Turkiye.

In an interview with IRNA, prior to his visit to Tehran on Monday, the prime minister said the bilateral trade between the two countries had witnessed a significant increase in the past three to four years.

“We want to take it up to $10 billion in the next few years, but I think the potential is much larger than that as well. We are discussing signing a free trade agreement (FTA). I think in the next ten years, the trade volume between the two countries will expand a great deal. The need is to have sustained economic engagements for the long term between Pakistan and Iran,” the Iranian news wire quoted the prime minister as saying.

The prime minister, to a query, replied that he strongly believed that the economic destiny of both countries was interlinked as they shared a border of about 900 kilometers.

“I personally believe that strong economic linkage between Pakistan’s Balochistan and Iran’s Sistan-Baluchestan can be good for the entire region. It can also be very effective in dealing with terrorism,” he added.

He further mentioned that the two countries had signed memoranda of understanding about developing projects between these provinces.

Prime Minister Shehbaz Sharif further underscored the need of sustained economic engagement between Iran and Pakistan.

To a question regarding his Iran’s visit, the prime minister said that he was undertaking the visit at the invitation of President Masoud Pezeshkian.

“The principal objective of my visit is to thank Iran for supporting and standing by us during our conflict with India. India, as you know, imposed war on us, which we repulsed through a decisive but measured and well-calibrated response consistent with international humanitarian law. So, I want to thank Iranian leadership for its support and its offer for mediation, which we accepted but India rejected,” he added.

He said that during his visit, he would also discuss the bilateral relations and issues of mutual interests.

The prime minister also appreciated the excellent bilateral ties between the brotherly countries, adding Islamabad and Tehran would continue to support each other on issues of Muslim Ummah and regional cooperation.

Responding to another question, he said that he strongly believed there could be no peace and justice in the region till resolution of Kashmir and Palestine issues, reiterating that it was critically important that these issues should be resolved in accordance with the aspirations of the Kashmiri and Palestinian people.