Mohsin Siddiqui (Chief Reporter)
Pakistan, Iranian President Ebrahim Raisi announced plans to bolster trade volume between Iran and Pakistan to $10 billion, terming the current exchange rate as “not acceptable.” Raisi made this declaration during a joint address with Prime Minister Shehbaz Sharif following their meeting in Islamabad, marking the first visit by any head of state after Pakistan’s February 8 general elections.
Stressing the commitment to enhance bilateral relations, Raisi emphasized the need to elevate economic and trade ties between the two nations. He stated, “We have decided as a first step to increase trade volume between our two countries to $10bn.”
Prime Minister Shehbaz, addressing the joint press conference, echoed the sentiments of strengthening Pak-Iran ties despite challenges faced by both countries. He highlighted discussions on religious, security, and historic matters during the meeting, expressing optimism for progress and prosperity along the shared border, facilitating trade and business.
The joint efforts to combat terrorism were also emphasized during the meeting, with discussions focused on increasing trade and communication links between the two countries. Prime Minister Shehbaz welcomed President Raisi’s visit, emphasizing the warm reception accorded by the nation.
Earlier meetings between Foreign Minister Ishaq Dar and President Raisi emphasized the importance of enhanced bilateral relations across diverse fields. Both leaders affirmed their commitment to peace and constructive dialogue for resolving regional challenges.
The economic collaboration between Iran and Pakistan holds significance, with the joint gas project aiming to alleviate Pakistan’s long-standing power crisis. The Iran-Pakistan gas pipeline project, initially inaugurated in 2013, aims to provide energy to Pakistani power plants. Despite stagnation following international sanctions on Iran, efforts have resumed to progress the project, including the recent approval for pipeline construction by Pakistan’s caretaker government.
However, challenges remain, with Washington warning of potential sanctions against Pakistan for advancing the pipeline project. Despite this, both countries remain committed to strengthening their economic and diplomatic ties, fostering mutual prosperity and stability in the region.
