2 weeks Ago
P resident Ebrahim Raisi and his cabinet have wrapped up a three-day visit to Pakistan aiming to enhance bilateral trade to an ambitious level of $10 billion in five years. The announcement elicited a reaction from the United States which cautioned Pakistan about economic sanctions. Raisi’s visit was considered significant in the backdrop of certain events in the recent past.
These included actions by Irani security forces on the Pakistani side and vice versa as well as the latest developments in the Middle East where Iran used drones and missiles to strike inside Israel. For the first time in history the volume of bilateral trade exceeded $2 billion in 2023, a statement by a former Iranian ambassador has said. The main focus of the visit appeared to be enhancement of trade.
The two sides agreed to “expeditiously finalise” a free trade agreement, a joint statement issued after the conclusion of the visit said. The two countries also agreed to facilitate a regular exchange of economic and technical experts, as well as delegations from chambers of commerce in both countries to enhance economic cooperation. The two sides also signed eight agreements and memoranda of understanding for cooperation in various areas, including trade and security.
“A fruitful discussion was held between the two sides, including security and investment during the meeting,” Prime Minister Shahbaz Sharif said. The Iranian president said that there was much room for growth in existing relations.
