Pakistan’s and Iran’s chambers of commerce have signed an agreement to expand trade between the two countries to $10 billion.
“A memorandum of understanding has been signed between the Federation of Pakistan Chambers of Commerce and Industry and the Mashhad Chamber of Commerce and Industries in Lahore,” state broadcaster Radio Pakistan reported.
“The purpose of the MoU is to take bilateral volume of exports to ten billion dollars between the two countries,” the statement said.
Iran’s late president Ebrahim Raisi toured Pakistan in April 2024 as both countries sought to mend ties after unprecedented tit-for-tat military strikes.
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During Raisi’s three-day visit, Pakistan and Iran signed multiple Memorandums of Understanding (MoUs) and agreements spanning various sectors, including trade, science and technology, agriculture, health, culture, and judicial matters. Raisi expressed dissatisfaction with the current volume of trade between the two countries, deeming it “not acceptable at all,” and emphasized the need to increase bilateral trade to $10 billion.
Historically, Pakistan and Iran have often been at odds due to instability along their shared, porous border, frequently blaming each other for failing to eliminate militancy.
