Pakistan & Iran sign five-year trade cooperation plan

ISLAMABAD: Pakistan and Iran signed a five-year cooperation pact, paving the way for increased ties, media reported on Thursday.

According to the details, Foreign Minister Bilawal Bhutto and his Iranian counterpart Hossain Amir Abdollahian signed memorandum of understanding (MoU) in Islamabad.

While foreign ministers addressed a joint press conference at Foreign Office Islamabad, hightling the fruitful discussions on enhancing cooperation in various sectors, including trade, energy, economy and regional matters.

During the conference, Bilawal Bhutto emphasized the historical relations between the two countries and praised the recent progress made in bilateral trade. He revealed that a free trade agreement and a five-year trade cooperation pact were signed, paving the way for increased economic ties. Under the agreement, the goal is to boost trade between Pakistan and Iran to a remarkable $5 billion by 2028.

Read more: Pakistan greenlights barter trade with Afghanistan, Iran, Russia

The Iranian Foreign Minister expressed condolences over the recent terrorism incident in Bajaur and strongly condemned all acts of terror. He highlighted the significance of the gas pipeline project between the two nations, asserting that it is in the best interest of both countries and their people.

Addressing the media, the Iranian Foreign Minister mentioned the activation of five more border markets by year-end, facilitating trade and promoting cultural exchange. He reaffirmed Iran’s commitment to expanding bilateral trade and enhancing regional cooperation.

Moreover, both countries have agreed to release convicted prisoners and take necessary steps in this regard. The discussions also covered the crucial Iran-Pakistan gas pipeline project, which is nearing completion and expected to benefit the economies of both nations.

This joint news conference marks a milestone in Pakistan-Iran relations, indicating a shared commitment to strengthening ties and fostering cooperation in various domains. With significant agreements and memorandums of understanding signed, the two nations are poised to forge ahead in a journey of mutual prosperity and growth.