Pakistan and Iran have reached a consensus to swiftly finalize the Free Trade Agreement (FTA) and aim to elevate bilateral trade to USD 10 billion within the next five years through collaborative economic ventures. During the delegation-level discussions between Prime Minister Shehbaz Sharif and Iran’s President Dr. Seyed Ebrahim Raisi, both nations expressed their commitment to enhance their common border into a hub of prosperity, focusing on joint development projects such as establishing border markets and economic free zones.
The leaders emphasized cooperation in the energy sector, including trade in electricity, power transmission lines, and the Iran-Pakistan Gas Pipeline Project. They highlighted the necessity of a long-term economic partnership for the socio-economic development of Balochistan provinces in both countries.
In addition to reviewing their bilateral relations, the leaders discussed regional and global issues and signed multiple agreements. They pledged to strengthen fraternal ties through academic, cultural, and tourism initiatives, while also emphasizing cooperation in security matters to combat terrorism, smuggling, and other threats.
Both nations agreed to expedite the FTA process and enhance dialogue through various bilateral forums. They also committed to facilitating the exchange of experts and delegations to intensify economic cooperation. Moreover, they agreed to operationalize the Reemdan border point and enhance barter trade mechanisms.
In terms of connectivity, they expressed satisfaction with the regular shipment of goods under the TIR Convention and pledged to fully utilize it for efficient trade. As members of the Belt and Road Initiative (BRI) and Economic Cooperation Organization (ECO), they vowed to enhance cooperation in infrastructure development and energy sectors.
Both countries condemned terrorism and stressed the importance of peaceful dispute resolution. They reiterated their support for the peaceful settlement of the Kashmir issue and condemned Israeli aggression against Palestine.
Furthermore, they affirmed their commitment to Afghanistan’s development and expressed willingness to cooperate on counter-terrorism efforts. President Raisi also met with Pakistani officials, discussing mutual agreements on prisoner release and extradition.
Additionally, they condemned the attack on the Iranian Embassy in Damascus and called for UN Security Council intervention to prevent further aggression in the region. Both nations denounced Islamophobia and supported UN measures to combat it.
President Raisi paid homage to Allama Muhammad Iqbal and visited significant sites in Pakistan. The news also detailed the background of the Iran-Pakistan gas pipeline project, highlighting the challenges and recent developments in its implementation.