Pakistan, Iran chambers of commerce agree to increase $10b exports

According to state-run media on Monday, the chambers of commerce of Iran and Pakistan have inked an agreement to boost exports to $10 billion as the two nations look to expand trade in order to mend their poor relations.

This comes after Iran’s chief of general staff, Maj. Gen. Mohammad Bagheri, traveled to Pakistan last month to discuss border management, economic cooperation, and regional issues with the country’s military and civil leadership.

“A memorandum of understanding has been signed between the Federation of Pakistan Chambers of Commerce and Industry and the Mashhad Chamber of Commerce and Industries in Lahore,” state broadcaster Radio Pakistan reported.

“The purpose of the MoU is to take bilateral volume of exports to ten billion dollars between the two countries,” the statement said.

It said the governor of Pakistan’s eastern Punjab province, Sardar Saleem Haider Khan and the governor general of Iran’s Razavi Khorasan province, Gholam Hossein Mozaffari, both attended the signing ceremony.

Khan said his Iranian counterpart expressed “great interest” in Pakistani products, stressing that both countries should focus on expanding trade relations.

“He said the Iranian Governor has assured to consider reducing tourist and business visa fees and improving facilities for easier travel and trade,” the report said.

Later, the Lahore Chamber of Commerce and Industry hosted a one-day shopping fair at the Expo Center Lahore, which was officially opened by both governors.

In April 2024, Iran’s late president Ebrahim Raisi traveled to Pakistan as the two nations attempted to restore their relations following the historic tit-for-tat military attacks.

The two governments inked memorandums of understanding and agreements across a variety of topics during Raisi’s three-day visit, including trade, science and technology, agriculture, health, culture, and judicial concerns.

According to Raisi, the amount of trade between the two nations “is not acceptable at all,” and they ought to increase it to $10 billion.