Pakistan, Iran reaffirm commitment to achieving $10B bilateral trade target

Pakistani and Iranian trade ministers reaffirmed their commitment Tuesday to "further" strengthening bilateral economic relations and achieving the shared target of $10 billion, according to a statement.

The affirmation was made at the 10th Pakistan-Iran Joint Trade Committee meeting in Islamabad, said a statement from Pakistan's Trade and Commerce Ministry.

The meeting was co-chaired by Pakistan's Commerce Minister Jam Kamal Khan and Iranian Minister for Industry, Mine and Trade Mohammad Atabak.

The summit was followed by a meeting to review the full spectrum of trade and economic cooperation.

Khan said the ambitious target of increasing trade to $10 billion requires sustained collaboration, stronger institutional linkages and enhanced engagement between the public and private sectors.

He highlighted the vast opportunities for cooperation in trade, industry, manufacturing, energy, agriculture, minerals, pharmaceuticals, textiles, automotive, sports goods, surgical instruments and other value-added sectors.

Khan emphasized that greater connectivity, enhanced market access and closer collaboration between businesses would significantly contribute to expanding bilateral trade and investment.

He also underscored the importance of expediting negotiations on the Pakistan-Iran Free Trade Agreement (FTA), promoting investment, encouraging joint ventures and strengthening business-to-business (B2B) contacts to unlock new commercial opportunities.

Atabak, in return, reaffirmed Iran's commitment to strengthening its long-term economic partnership with Pakistan.

He highlighted the importance of expanding trade, investment, regional connectivity, industrial cooperation, border markets and private sector engagement, expressing confidence that enhanced collaboration would create new opportunities for businesses in both countries.

During the meeting, the two ministers reviewed progress on trade and agreed to further strengthen institutional cooperation and accelerate implementation of mutually agreed initiatives aimed at enhancing trade, transit and economic cooperation.