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Pakistan, Iran Vow to Boost Bilateral Trade to $5 Billion

Islamabad: Pakistan and Iran have agreed to expand their existing bilateral trade volume of approximately $360 million to $5 billion within the next five years.

Later, in a tweet, Abdul Razak Dawood announced that he was pleased to announce the conclusion of the Joint Trade Committee meeting between Pakistan and Iran, in which both countries agreed to barter trade in rice, the construction of border markets, the movement of Pakistani trucks under TIR, and Customs cooperation.

The commerce advisor had earlier departed for a two-day trip to Iran to negotiate bilateral trade and investment.

The Ministry of Commerce and the State Bank of Pakistan (SBP) are analyzing the country’s imports so that prompt interventions can be taken, according to a subsequent official statement.

Read: Pakistan Becoming Fastest Growing Freelance Marketplace

It is vital to note that Pakistan and Iran have agreed to begin preliminary negotiations on a Free Commercial Agreement (FTA) and other significant trade issues to increase bilateral trade volume and investment potential.

In addition, the two nations signed a Memorandum of Understanding (MoU) on exhibition collaboration.

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