ISLAMABAD: Pakistan and Iran have signed a memorandum of understanding (MoU) aimed at taking their bilateral annual trade volume to $10 billion.
The MoU was signed 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 at a time when Pakistan is working to boost trade and investment while managing its economic recovery under a $7 billion International Monetary Fund (IMF) program, which was secured in September of the previous year.
Bilateral trade between Pakistan and Iran reached $2.8 billion in the last fiscal year, according to Radio Pakistan.
During the meeting, Iran assured Pakistan that it would reduce business visa fees and facilitate trade activities to promote deeper economic cooperation.
This move is part of both countries’ efforts to strengthen ties, especially after years of tensions, including a military exchange of airstrikes in January 2024 over border instability and militancy concerns.
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The agreement is a continuation of diplomatic efforts aimed at strengthening bilateral relations. In April 2024, Iran’s late president Ebrahim Raisi visited Pakistan, where both countries signed several MoUs in sectors such as trade, agriculture, health, and science.
During the visit, Raisi emphasised the need to boost trade between the two nations, calling their current trade volume “not acceptable.”
