Iran, Pakistan seek to expand bilateral trade to $5B
Baku, Azerbaijan, Dec. 15
By Fatih Karimov - Trend: Iran and Pakistan seek to expand bilateral trade to $5 billion annually. Ali-Osat Hashemi, Governor of Iran's Sistan-Balouchestan Province, said Pakistan welcome Iranian investment, Iran's Mehr news agency reported on Dec. 15.
He added that the volume of trade exchanges between Iran and Pakistan is set to reach some $5 billion from around $1 billion in the future.
Iran and Pakistan signed five memorandums of understanding on Dec. 9 with a view to enhance cooperation in diverse fields and improve trade ties between the two countries.
The MOUs were related to establishment of a joint investment committee, cooperation between Small and Medium Enterprises Development Authority of Pakistan and Small Industries and Industrial Parks Organization of Iran, establishment of sisterhood relationship between Iran's ports of Shahid Rajaee and Chabahar with Pakistan's ports of Karachi and Gwadar, cooperation in the field of investment, economic, and technical assistance, and cooperation in the field of handicrafts industries.
Trade between Pakistan and Iran currently comprises mainly oil and gas from Iran and rice from Pakistan.
Pakistani Federal Minister for Commerce Khurram Dastgir says Pakistan wants to enhance the trade base to include meat, fruits, textile, surgical items, sports goods, gems and jewelry in addition to rice as regular items of trade.
Edited by CN