Pakistan, Iran Reaffirm $10 Billion Trade Target
At a glance
- Pakistan and Iran aim for $10 billion in bilateral trade.
- The 10th Joint Trade Committee session reaffirmed this commitment.
- Tehran showed interest in using Karachi and Gwadar ports for regional trade.
Story so far
Pakistan and Iran are working to strengthen economic ties, with both nations agreeing to pursue a bilateral trade target of $10 billion. This commitment was reaffirmed during the 10th session of the Pak-Iran Joint Trade Committee in Islamabad. Measures to enhance cross-border trade, including 24/7 border operations, improved logistics, and harmonized customs procedures, are being discussed. Cooperation in sectors such as food, agricultural products, and the mining industry, particularly the processing of precious stones, is also a focus. The relationship has gained momentum, partly due to Pakistan's mediatory role in reducing US-Iran tensions, and Tehran has expressed interest in expanding regional trade through Karachi and Gwadar ports.
Latest development
During the 10th session of the Pak-Iran Joint Trade Committee in Islamabad, Pakistan and Iran reaffirmed their commitment to achieve a bilateral trade target of $10 billion. The discussions highlighted Pakistan's mediatory role in reducing US-Iran tensions and Tehran's interest in utilizing Karachi and Gwadar ports for regional trade and logistics cooperation.
Latest updates
Pakistan and Iran reaffirmed their commitment to expand bilateral trade to $10 billion during the 10th session of the Pak-Iran Joint Trade Committee in Islamabad. The relationship has gained further impetus in recent months, particularly due to Pakistan's constructive mediatory role in efforts to reduce tensions between Iran and the United States. Tehran expressed interest in expanding regional trade and logistics cooperation through the ports of Karachi and Gwadar, highlighting Pakistan's strategic importance as a regional trade and transshipment hub. Recent initiatives to operationalize border markets and streamline cross-border trade are also expected to formalize commerce and improve local livelihoods. Both sides acknowledged that sustained peace in the region and the eventual lifting of sanctions on Iran would unlock greater opportunities, especially in the energy sector, suggesting the current engagement should evolve into a long-term strategic partnership.
Technical-level negotiations on a Free Trade Agreement (FTA) between Pakistan and Iran are currently underway.
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