Islamabad: Pakistan and Iran have agreed to increase trade volume to $10 billion to further strengthen bilateral economic relations and promote border trade, which is being described as an important step towards economic integration in the region.
According to a statement by the Board of Investment, Iranian Ambassador to Pakistan Reza Amiri Moqadam met Federal Minister for Investment Qaiser Ahmad Sheikh, in which various aspects of bilateral trade, investment and border economic cooperation were discussed in detail.
During the meeting, the federal minister assured the Iranian ambassador that Pakistan will fully cooperate with all relevant ministries and institutions to remove obstacles in the way of economic cooperation. He said that the government has included the promotion of trade activities in the region among its economic priorities.
According to the statement, Iran also offered Pakistan cooperation in accessing Central Asian states, which is being described as an important opportunity for promoting regional connectivity and transit trade. The two countries also agreed to accelerate joint economic projects.
The meeting emphasized practical steps to increase border trade, which also considered a proposal to increase the number of commercial trucks crossing the border daily to 2,000. This move is expected to significantly increase land trade between the two countries.
Both sides reiterated their commitment to quickly operationalize the Ramadan-Gabad Special Economic Zone, which is being described as an important milestone for economic cooperation and industrial development.
The statement said that during the meeting, the leadership of Prime Minister Shehbaz Sharif and Field Marshal Asim Munir was also appreciated and the hope was expressed that the existing economic ties would expand further in the future.
According to economic experts, if the trade volume between Pakistan and Iran reaches $10 billion, it will not only benefit the economies of both countries but will also open new doors for energy, transit, and investment in the region.
