ISLAMABAD: In order to realize the full potential of bilateral commerce, Pakistan and Iran have committed to carrying on their conversations and creating action plans to remove current trade obstacles and simplify procedures.
On the fringes of the Shanghai Cooperation Organization (SCO) meeting on Wednesday, an agreement was made between Iran’s Minister of Industry, Mining, and Trade, Mohammad Atabak, and Commerce Minister Jam Kamal Khan of the United States.
The goal of the fruitful meeting between the two ministers was to promote more seamless economic dealings between the two nations. According to a statement released on Wednesday, the Iranian minister extended an invitation to his Pakistani colleague to visit Iran during the meeting.
They emphasized the importance of strengthening bilateral trade and investment as a means of fostering economic connections. They also looked for ways to work together in areas of shared interest.
It was mentioned that although there is a lot of potential for bilateral trade, it has not yet been realized. They talked about how Pakistan and Iran should work together more closely in the regional market and elsewhere, making use of the SCO platform to promote trade expansion and stability in the area.
In the statement, Mr. Kamal emphasized how both of these brotherly nations are strategically located as a gateway to Central Asia and the Middle East. In order to boost bilateral trade and advance prosperity in the surrounding area, he emphasized the necessity of closer economic collaboration between Pakistan and Iran.
The discussion emphasized how crucial it is for Pakistan and Iran to work together through organizations like the SCO in order to fortify their relations and expand their influence in the international marketplace.
The primary mode of trade with Iran is barter, and there is a lack of official data to accurately reflect the actual extent of trade.
