Iran, Türkiye, Azerbaijan: FPCCI terms PM’s visit ‘positive, timely’ step

KARACHI: Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Amaan Paracha, has welcomed Prime Minister Shehbaz Sharif’s visit to three countries – Iran, Turkiye, and Azerbaijan – calling it a positive and timely step. He stated that enhancing trade among these three brotherly Islamic nations is the need of the hour.

Amaan Paracha noted that in 2024, the total trade volume between Pakistan and Türkiye reached a historic high of $1.4 billion, nearly 30% more than in 2023. However, despite this increase, both countries are aiming to reach a $5 billion trade volume. In February 2025, Pakistan exported $29.7 million to Turkiye while importing $46.9 million, resulting in a trade deficit of $17.1 million for Pakistan.

He further stated that in the current fiscal year, the bilateral trade volume between Pakistan and Iran reached approximately $2.8 billion. While both countries have expressed a desire to increase this trade to $10 billion, external factors such as U.S. sanctions on Iran have constrained economic ties. Nonetheless, if Pakistan and Iran make joint efforts to boost trade, it would strengthen both economies.

Amaan Paracha also highlighted the growing trade relations between Pakistan and Azerbaijan, saying that Azerbaijan could become a strong trade partner for Pakistan in the future. He shared that in 2024, the trade volume between Pakistan and Azerbaijan reached $22 million, a 22.5% increase compared to 2023. This included $21.8 million in imports by Azerbaijan from Pakistan and $196,000 in exports by Azerbaijan to Pakistan. The prime ministers of both countries have expressed interest in increasing bilateral trade to $2 billion, and Prime Minister Shehbaz Sharif’s visit has opened up vast opportunities to enhance this trade relationship.

He added that Prime Minister Shehbaz Sharif should also brief the three brotherly Islamic nations on India’s regional aggression and inform them about how India is spreading terrorism in the region.

Copyright Business Recorder, 2025