Pakistan, Iran decided to increase bilateral trade up to USD 8 billion annually

Pakistan and Iran on Sunday agreed up to USD 8 billion annually to increase bilateral trade, taking advantage of their geography and “distance exemption”, as trade ministers of the two countries discussed to deepen economic and political relations. The agreement reached the two -day state trip to Iranian President Masaud Peseshkian during a meeting between Commerce Minister Jam Kamal Khan and Iranian Industry Minister, Mines and Business Mohammad Attabq.

Pezeshkian landed in Lahore on Saturday afternoon and then flew to the capital in the evening. A statement by the Ministry of Commerce here said that the high-level discussion between Khan and Attabq identified renewed commitment from both sides to expedite the trade, remove border boundaries and build a trust-based partnership in priority areas. ,[During the meeting]Kamal imagined that, if fully benefited, bilateral trade between Pakistan and Iran could easily be more than USD 5-8 billion in the coming years, “the ministry said. Prior to departing from Tehran, Pezeshakian said that Iran and Pakistan have always maintained “good, honest and deep relations” and plan to increase the amount of bilateral trade up to USD 10 billion annually. During Sunday’s meeting, the emphasis was on maximizing the ability of the neighborhood trade, how ASEAN countries have benefited greatly by doing business within their territory. He said, “Geography is an advantage. Pakistan and Iran should use this distance of distance. If we do not, we lose both time and cost benefits,” he said. According to the statement, the Pakistani minister organized a targeted trade delegation including representatives of federal and provincial chambers, which are capable of focusing on market access and regulatory facilities. “We have successfully done this model to Belarus and other places,” he was quoted in a statement saying. “Let’s do the same for Iran, start with areas that show the greatest ability for mutual benefit.” The ministers also expressed a shared commitment to increase the use of existing trade corridors and border facilities. Attabak also highlighted the ongoing discussions about increasing Pakistani exports in Iran and encouraged Swift follow-up on new signed agreements. “Traders and industrialists are ready in both countries. They trust each other. Now what they want is a clear and consistent feature mechanism from our side, “he said. Khan said that beyond bilateral advantages, such connectivity could be expanded in Turkey, Central Asia, Russia and even parts of West Asia, leading to an economic block of adequate power and flexibility. The statement said that Atabak supported the idea of organizing a dedicated B2B day during every high-level visit and offered to bring Iranian trade groups for intensive meetings in Pakistan. The statement said that the two ministers agreed to identify specific areas such as agriculture, livestock, services, energy and cross logistics for future support. “With high-level political alignment and mutual trust, Pakistan and Iran are ready to enter a new phase of strategic economic partnership, which can reopen the regional business dynamics,” it said.