Pakistan, Iran Target $10 Billion Trade Partnership

Islamabad: Pakistan and Iran have agreed to raise bilateral trade to $10 billion over the next five years to strengthen bilateral cooperation in all industries.

This agreement was reached during a meeting between Pakistani Prime Minister Shehbaz Sharif and Iranian President Seyyed Ebrahim Raisi. President Raisi is on a three-day visit to Pakistan, leading a delegation comprising cabinet ministers, senior officials, and business representatives.

The interior ministers of the two countries have decided to ban terrorist organizations within their respective territories. They have also agreed to increase cooperation in border management and take steps to prevent smuggling and drug trafficking. The Associated Press of Pakistan reported these developments.

President Raisi has set a target of $10 billion and recently announced that the existing level of bilateral trade between Pakistan and Iran is unacceptable. Despite signing Memorandums of Understanding in January 2023 to facilitate bilateral trade, the amount of commerce between the two countries was only $2.3 billion last year, making this an extremely ambitious aim.

Pakistan and Iran have inked eight Memorandums of Understanding (MoUs) to enhance their bilateral relations. President Raisi and Prime Minister Shehbaz signed these agreements. The Memorandums of Understanding (MoUs) encompass various topics, such as an agreement on security cooperation to augment reciprocal security measures and an agreement on judicial aid centered on civil concerns to foster legal collaboration. 

Moreover, an agreement has been established to promote film exchange and cooperation in the audio-visual sectors, which marks a significant step towards cultural exchange between the two countries.

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