Islamabad (TDI): Pakistan and Iran have signed a memorandum of understanding (MoU) aimed at increasing their bilateral trade volume to $10 billion.
The MoU was inked during a high-level meeting between the Federation of Pakistan Chambers of Commerce and Industry and Iran’s Mashhad Chamber of Commerce and Industry.
The agreement comes as Pakistan seeks to increase trade and investment while navigating economic recovery under a $7 billion International Monetary Fund (IMF) program.
In the last fiscal year, bilateral trade between the two nations reached $2.8 billion, according to Radio Pakistan.
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This move is part of both nations’ efforts to strengthen relations, particularly after years of tensions, including a military exchange of airstrikes in January last year over border instability and militancy concerns.
The deal builds on a series of diplomatic efforts to improve ties.
Iran’s late president Ebrahim Raisi visited Pakistan in April 2024, where both nations inkd multiple MoUs in different sectors such as trade, agriculture, health, and science.
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Raisi had also stressed the significance of increasing trade between the two countries, describing their current trade volume as “not acceptable.”
