Home Latest News Pakistan, Iran Aim to Increase Trade Volume to $10bn

Pakistan, Iran Aim to Increase Trade Volume to $10bn

Islamabad, Tehran ink eight agreements in various sectors as President Raisi undertakes official visit of Pakistan

by Staff Report

Photo courtesy PID

Iranian President Ebrahim Raisi on Monday said Tehran and Islamabad are aiming to increase their trade volume to $10 billion, stressing the existing trade was “not acceptable.”

Addressing a joint press conference alongside Prime Minister Shehbaz Sharif after a one-on-one meeting between the two leaders and the inking of various Memorandums of Understanding (MoUs), he stressed that the neighboring countries were committed to strengthening their ties at the highest levels. “Economic and trade volume between Iran and Pakistan is not acceptable. We have decided as a first step to increase trade volume between our two countries to $10 billion,” he said.

In his turn at the podium, P.M. Sharif also called for strengthening bilateral ties between Pakistan and Iran, “despite the challenges” facing both countries. He said he had discussed “religious, security and historic matters” with Raisi during their meeting, adding both countries could prosper if they adapted their shared border for trade and business. He also hoped the relationship between the neighbors would remain stable, stressing the Iranian president’s visit was an opportunity to “make this friendship a happy and prosperous one.”

Earlier, during their meeting at Prime Minister’s House, Raisi and Sharif agreed to bolster bilateral relations in diverse fields, especially counter-terrorism, according to a statement. It said the two leaders had exchanged views on enhancing Pak-Iran ties across various sectors, including strategies to augment trade volumes and bolster communication networks, reflecting a shared commitment to advancing economic collaboration.

The statement said the prime minister had highlighted the historical significance of President Raisi’s visit, noting it was the first visit to Pakistan by a foreign head of state since the Feb. 8 general elections.

MoUs inked

In a ceremony prior to their joint press conference, Raisi and Sharif witnessed the inking of eight MoUs between Pakistan and Iran. These included a MoU on the Establishment of the Rimdan-Gabd Joint Free/Special Zone; a MoU on Mutual Recognition of the Standard of Iran and Pakistan; a MoU on Cooperation between the Ministry of Cooperative Labor and Social Welfare of Iran and the Ministry of Overseas Pakistanis and Human Resources Development of Pakistan; and a MoU on Judicial Assistance in Civil Matters between Iran and Pakistan.

Additionally, they also signed an Agreement of Cooperation on Animal Hygiene and Health; Mutual Recognition Agreement in the Field of Quarantine and Phytosanitary; a MoU for Legal Cooperation between the Ministry of Justice of Iran and the Ministry of Law and Justice of Pakistan; and a MoU between the Ministry of Information and Broadcasting and Organization of Cinema and Audiovisual Affairs of Iran to promote film exchange and cinema cooperation. The signing ceremony also marked the ratification of a security cooperation agreement between the governments of both countries.

Bilateral ties

Earlier, in a meeting, Foreign Minister Ishaq Dar and President Raisi discussed bilateral relations as well as regional and global developments. According to a statement, both officials “emphasized the importance of enhanced efforts to further consolidate bilateral relations in diverse fields,” and also “affirmed commitment to peace and constructive dialogue for resolving regional challenges.”

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