The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has inked a memorandum of understanding (MoU) with the Mashhad Chamber of Commerce and Industries, aiming to increase bilateral trade to $10 billion.
“The purpose of the MoU is to take the bilateral volume of exports to $10 billion between the two countries,” reported Radio Pakistan.
Punjab Governor Sardar Saleem Haider Khan and Governor General of Iran’s Razavi Khorasan province Gholam Hossein Mozaffari, attended the signing ceremony in Lahore.
Speaking on the occasion, Governor Punjab said his Iranian counterpart expressed great interest in Pakistani products, stressing that both countries should focus on expanding trade relations, read the report.
The governor informed that his Iranian counterpart has assured to “consider reducing tourist and business visa fees and improving facilities for easier travel and trade”.
Last week, FPCCI announced ambitious plans to strengthen economic ties between Pakistan and Iran, with a target to increase bilateral trade to $10 billion annually over the next five years.
This announcement was made during a high-level Business-to-Business (B2B) session aimed at fostering direct business connections between traders from both countries.
During the session, it was noted that the bilateral trade volume for the fiscal year 2023-24 reached approximately $2.8 billion.
Pakistan’s exports to Iran stood at $684 million, while imports from Iran totalled $2.1 billion, reflecting a 13% increase in Iran’s exports to Pakistan, which reached $944 million in 2023.
While both countries have expressed a strong desire to enhance trade and cooperation, the economic ties remain constrained due to political considerations, and external pressures, particularly US sanctions on Iran.
The much talked about multi-billion-dollar Iran-Pakistan gas pipeline deal remains stalled due to international sanctions on Iran.
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