ISLAMABAD: Pakistan and Iran have set an ambitious target to boost bilateral trade to \$10 billion, marking a significant step forward in their economic relationship. The announcement came during the official visit of Iranian President Dr. Masoud Pezeshkian to Islamabad, where he held high-level talks with Prime Minister Shehbaz Sharif.
During the visit, both countries signed 12 agreements and Memoranda of Understanding (MoUs) covering diverse sectors, including trade, energy, connectivity, technology, and cultural cooperation. A joint statement from the Prime Minister’s Office affirmed the intent to transform diplomatic goodwill into tangible economic outcomes.
Delegations from both sides will meet in the coming weeks to finalize a roadmap for implementing the \$10 billion trade target, up from the current \$3 billion.
Speaking at a joint press conference, Prime Minister Sharif condemned Israel’s June 13 strike on Iranian nuclear facilities and expressed solidarity with the Iranian people. He praised Iran’s “brave and wise” response and offered condolences for lives lost during the recent Iran-Israel conflict.
President Pezeshkian’s two-day visit, his first official trip since taking office, is viewed as part of Iran’s broader regional outreach strategy. The Iranian leader was received with a formal welcome ceremony and held detailed talks with Pakistani leadership, including the Prime Minister, Deputy PM Ishaq Dar, Chief of Army Staff Field Marshal Asim Munir, and senior officials.
Sharif reiterated Pakistan’s strong commitment to its fraternal relationship with Iran and thanked Tehran for its continued support, particularly during Pakistan’s tensions with India and its advocacy for the Palestinian cause. Both leaders emphasized expanding collaboration in infrastructure, cultural exchange, and people-to-people connectivity.
Key MoUs signed include agreements on barter trade, rice and meat export quotas, activation of border markets, removal of non-tariff barriers, and cooperation in ICT, science and technology, tourism, maritime safety, climate hazards, and product certification.
A supplemental MoU was also signed to enhance the 2013 air services agreement, and both sides issued a joint ministerial statement signaling their intent to finalize a Free Trade Agreement (FTA).
Prime Minister Sharif also called for the early convening of the 22nd session of the Pakistan-Iran Joint Economic Commission to accelerate progress.
A state luncheon was hosted in honour of the Iranian delegation, capping a visit seen as a turning point in deepening regional cooperation and unlocking untapped economic potential between the two neighbours.
Story by Fazal Sher
