Pakistan and Iran to increase bilateral trade to $5Bn

Pakistan and Iran have decided to enhance their bilateral trade to $5 billion within a five-year trade cooperation plan spanning from 2023 to 2028. During delegation-level talks, both countries emphasized the importance of cooperation in various sectors, including economy, trade, counterterrorism, and job creation. They also sought to activate more formats of collaboration among China, Pakistan, Iran, and Turkey to pursue joint initiatives and mutual interests.

Among the key issues discussed, the Iran-Pakistan gas pipeline project took center stage, with the Iranian Foreign Minister expressing strong support for its completion, emphasizing the benefits it would bring to both nations. Banking and financial problems between the two countries were also addressed, with a commitment to finding solutions following international regulations.

To bolster economic ties and tourism, the countries agreed to establish a special economic free trade region along their common border points. They recognized the need for increased cooperation in various areas, such as trade and combating terrorism, in order to boost bilateral relations and create opportunities for their citizens.

Both ministers acknowledged the crucial role of their respective parliaments in advancing bilateral ties and emphasized the close bond between Iran and Pakistan, considering themselves as one unified entity despite their geographical differences. The talks resulted in the signing of several significant documents, including the Five-Year Trade Cooperation Plan, which aims to remove trade barriers, finalize the Free Trade Agreement, and strengthen institutional ties between their private sectors. Additionally, protocols on bilateral economic consultations and joint investment committee meetings were also established to further promote economic cooperation and investment between the two nations.