Pakistan’s ambassador to Iran, Mudassir Tipu, stated that Islamabad and Tehran are prepared to boost bilateral trade to $5 billion, despite the country’s catastrophic economic indications brought on by a weakening local currency and diminishing foreign exchange reserves.
The envoy reaffirmed Islamabad’s commitment to giving priority to the development of trade relations with Tehran, citing the signing of a five-year pact on strategic and economic cooperation between Pakistan and Iran.
The 2023–28 trade cooperation agreement, which was signed in August 2023 and provides measures to remove barriers to bilateral commerce, institutionalizes interactions between the private sectors, and finalizes the Free Trade Agreement (FTA), was mentioned by the envoy in his remarks.
He made these comments when visiting the Iranian port of Bandar Abbas on the occasion of the docking of Pakistan Navy ships at the First Naval Region of the Iranian army, a symbolic action meant to symbolize friendship, peace, and the fortification of friendly relations between the two countries.The Pakistani gesture also seeks to enhance relations and initiatives pertaining to education with Iran.
Speaking on the two neighboring countries’ bilateral relations, the ambassador emphasized that Pakistan-Iran relations convey a message of happiness, peace, and unity to the region because both nations are steadfast in their commitment to preserving stability and peace in it.
It is important to note that the two neighboring nations have a long history of economic ties and significant cultural interactions, with an estimated 0.7 million Pakistani pilgrims (known as zaireen) visiting Iran annually.
Enhancing bilateral commerce could be crucial for Pakistan as it could alleviate the country’s escalating economic problems.
As concrete examples of their cooperation, former prime minister Shehbaz Sharif and Iranian President Ebrahim Raisi launched the “Mand-Pishin Border Sustenance Marketplace” and “220 kV Polan-Gabd Electricity Transmission Line” projects last year.
In an effort to combat its deteriorating economy, which has led to extreme inflation and exorbitant energy and commodity prices, Islamabad has been working to strengthen bilateral commerce with its allies, particularly neighboring nations.
