$2.3bn Iran-Pakistan trade sign of robust economic ties: FM
Iranian Foreign Minister Hossein Amirabdollahian has hailed the robust economic ties between Iran and Pakistan, saying bilateral trade volume has risen to over $2.3 billion.
Amirabdollahian, currently on an official visit to Pakistan, addressed a gathering of traders and business leaders in Karachi on Friday afternoon. He said the trade volume underscores the dynamic economic relationship between the two nations.
Iran’s top diplomat emphasized the significance of Pakistan as a neighbor for Iran, pointing out that the two countries share more than 900 kilometers of land border and have deep-rooted historical, cultural, and religious ties.
“In this regard, in recent years, effective measures have been taken to expand the relations between the two countries, especially in the economic field,” he said.
“For example, with the cooperation of both sides, two new border terminals have been opened in the areas of Rimdan-Gabed and Pishin-Mand along the common border,” he added.
Additionally, the foreign minister said a memorandum of understanding (MoU) has been signed for the opening of six joint border markets.
He also pointed to the strategic geographical position of both Iran and Pakistan on international transit corridors, and said, “Efforts have been made to make use of the existing capacities for the development of bilateral and regional cooperation in the fields of transportation and transit.”
Amirabdollahian further noted that the economies of Iran and Pakistan are “inherently complementary.”
“For example, Pakistan can be a supplier of Iran's needs in the agricultural sector, and Iran can cover Pakistan's need for energy. For this purpose, the Iran-Pakistan (IP) gas pipeline, has been extended by the government of the Islamic Republic of Iran to the border of Pakistan,” he said.
Iran’s electricity exports to Pakistan have also been on the rise, he added.
Amirabdollahian also said the simultaneous membership of Iran and Pakistan in regional arrangements such as the Economic Cooperation Organization (ECO), the Group of Eight Developing Islamic Countries (D8), the Shanghai Cooperation Organization, and the Asian Trade Union (ACU) provide a suitable platform for promoting commercial and economic relations.