Iran vows to enhance bilateral trade with Pakistan to $5 billion

Iran vows to enhance bilateral trade with Pakistan to $5 billion

TEHRAN – Iran’s Consul General in Islamabad Mohammad Rafiei said the volume of trade between Iran and Pakistan currently stands at $1.5 billion per year, noting that Tehran plans to raise the turnover to $5 billion. <link> <link> link> <link>

“The two nations have traditional, religious and trade relations spread over decades,” Rafiei said, speaking at a ceremony held in the Pakistani capital on Sunday to mark the 39 anniversary of Islamic Revolution.

He added, “Pakistan and Iran share more than 1,000km-long border and both countries have strategic importance in the region in geopolitical and economic terms.”

Referring to the volume of trade between the two countries, the Iranian diplomat said Iran-Pakistan’s Joint Chamber of Commerce has played a key role in boosting bilateral business ties between the neighboring countries.

In 2016, high-ranking officials from Iran and Pakistan signed six memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas, including health, commerce, security and foreign services.

The documents were signed in a ceremony in Islamabad on March 26, attended by Iranian President Hassan Rouhani and Pakistani Prime Minister Nawaz Sharif.