Pakistan and Iran Commit to Turbocharge Bilateral Trade Ambitions
Pakistan and Iran aim to boost bilateral trade to USD 8 billion annually by leveraging geographic advantages and enhancing economic ties. During Iranian President Pezeshkian's Lahore visit, trade ministers highlighted the potential for regional trade expansion. Targeted delegations, existing trade corridors, and sector-focused collaborations are key strategies.
- Country:
- Pakistan
In a significant move to bolster regional economic ties, Pakistan and Iran have agreed to elevate bilateral trade to USD 8 billion annually. The deal emerged from discussions between Pakistan's Commerce Minister Jam Kamal Khan and Iran's Industry, Mines, and Trade Minister Mohammad Atabak, during Iranian President Masoud Pezeshkian's visit to Pakistan.
The Commerce Ministry underscored the countries' combined advantage due to their geography, referring to it as the 'discount of distance.' The meeting emphasized removing border constraints and fostering sector-specific partnerships. Khan foresees trade exceeding the projected amounts if fully optimized.
The ministers considered delegations to facilitate trade talks and agreed on exploring agricultural, energy, and logistics sectors for collaboration. The efforts aim to fortify trust-based partnerships and possibly expand regional trade to include Turkey and Central Asia, reshaping economic alliances in the region.
(With inputs from agencies.)
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