Pakistan and Iran aim for $5B bilateral trade by 2028

Web DeskAugust 4, 2023
Pakistan and Iran aim for $5B bilateral trade by 2028

Pakistan and Iran have collaboratively devised a five-year strategy to boost their bilateral trade to $5 billion. Foreign Minister Bilawal Bhutto Zardari, alongside his Iranian counterpart Hossein Amir Abdollahian, unveiled the trade cooperation plan during a joint press conference. The primary objectives of this plan are to eliminate hurdles in bilateral trade, finalize a Free Trade Agreement, and establish stronger connections between the private sectors of both countries.

The five-year plan is scheduled to span from 2023 to 2028, as announced by the foreign minister after a meeting and delegation-level talks between the two leaders. One of the key areas of focus is the operationalization of the five remaining border markets by the end of 2024.

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Iran’s foreign minister also stressed the importance of enhanced cooperation in the fields of economy, trade, and tourism. Both nations are dedicated to increasing their bilateral trade to the target of $5 billion and have agreed to create a special economic free trade region at the common border points.

Furthermore, the completion of the Pak-Iran gas pipeline was emphasized by Abdollahian, who highlighted its significance in serving the national interests of both Pakistan and Iran.

The Iranian foreign minister also held a meeting with Prime Minister Shehbaz Sharif, during which they reaffirmed the close brotherly relations between the two countries. Pakistan’s commitment to further strengthening these ties, particularly in the economic domain, was reiterated. The prime minister emphasized that initiatives aimed at the economic development of border areas are a tangible demonstration of both countries’ shared priority to work collectively for the betterment of their people.

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