Pakistan, Iran ink MoU to take bilateral trade to $10bln

Pakistan and Iran have signed a Memorandum of Understanding (MoU), setting a bilateral trade target to ten billion dollars.

The MoU was signed during a high-level meeting between the Federation of Pakistan Chambers of Commerce and Industry and Iran’s Mashhad Chamber of Commerce and Industry.

During the meeting, Iran also assured Pakistan of reducing business visa fees and facilitating trade activities.

The bilateral trade between Iran and Pakistan also witnessed an increase during the last fiscal year, touching to 2.8 billion dollars.

The business environment in the country is improving with the support of the Special Investment Facilitation Council, paving the way for new opportunities for trade and investment.

Read more: Pakistan, Iran to enhance trade, cooperation in energy and transport

Last year, Ambassador of Iran to Pakistan Reza Amiri Moghadam paid a courtesy call on Prime Minister Muhammad Shehbaz Sharif to discuss matters of mutual concern.

He underscored that Pakistan attached great importance to Iran and the two countries enjoyed historic and brotherly relations.

The prime minister fondly recalled his meeting with the Iranian President when they jointly inaugurated a border market and an electricity transmission line in May 2023. The two leaders had also met on the sidelines of the SCO Summit in Samarkand in 2022.