TEHRAN - Iran and Pakistan have signed a memorandum of understanding (MoU) to expand trade cooperation, with both sides reaffirming their commitment to raising bilateral commerce to $10 billion and making progress toward a free trade agreement.
The MoU was signed in Islamabad Wednesday during the 10th Iran-Pakistan Joint Trade Committee meeting in Islamabad by Iranian Minister of Industry, Mine and Trade Mohammad Atabak and Pakistani Commerce Minister Jam Kamal Khan.
According to the Iranian administration’s official information portal, the agreement focuses on expanding commercial cooperation, particularly in border regions, developing maritime and shipping activities, removing trade barriers, establishing joint free trade zones, promoting barter trade, and advancing efforts toward the implementation of a free trade agreement between the two countries.
The signing came as six key members of Pakistan’s federal cabinet held a joint meeting with Atabak at the Iranian Embassy in Islamabad to discuss elevating Tehran-Islamabad economic cooperation to its highest level.
The “strategic” meeting focused on outlining a practical roadmap for expanding economic and industrial cooperation, with Pakistani ministers presenting sector-specific proposals aimed at strengthening collaboration with Iran.
The Pakistani delegation included Federal Minister for Commerce Jam Kamal Khan, Minister for Communications Abdul Aleem Khan, Minister for National Food Security and Research Rana Tanveer Hussain, Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, Minister for Petroleum and Natural Resources Ali Pervaiz Malik, and Minister for Investment Qaiser Ahmed Sheikh.
The Pakistani ministers reaffirmed Islamabad’s determination to deepen comprehensive ties with the Islamic Republic, while Atabak welcomed the proposals and said Iran was ready to work with Pakistan to formulate and implement a practical roadmap for the initiatives in the shortest possible time.
“The Islamic Republic of Iran is ready to work closely with Pakistan to formulate and implement a practical roadmap for these initiatives in the shortest possible time,” Atabak said.
Speaking after the signing ceremony, Atabak said productive discussions had been held with Pakistani officials and the Federation of Pakistan Chambers of Commerce and Industry, with all sides emphasizing the need to expand economic interaction between the two countries.
He said the recent talks were aimed at increasing trade exchanges between Iran and Pakistan, adding that some areas still required facilitation and the removal of obstacles, with the Pakistani side expected to continue pursuing necessary measures.
Atabak said activating border markets, increasing border trade, strengthening the role of the private sector, exchanging technical delegations, and immediately implementing bilateral agreements were among the key decisions reached by both sides.
He added that Iran placed no restrictions on increasing trade volume with Pakistan and called on businessmen and traders from both countries to play a central role in expanding economic ties.
“The Islamic Republic of Iran’s principled policy is to expand cooperation with neighboring countries and, when necessary, meet its needs through neighboring states,” Atabak said.
During the meeting, a separate cooperation agreement was also signed between the Iran Chamber of Commerce, Industries, Mines and Agriculture and the Federation of Pakistan Chambers of Commerce and Industry to further strengthen private-sector cooperation.
The Iranian administration said the agreements mark a new phase in Tehran-Islamabad commercial diplomacy, with both sides emphasizing the removal of logistical barriers, expansion of energy cooperation, development of maritime links, and promotion of joint investment projects.