News ID: 211381
Published: 0417 GMT March 09, 2018

Time ripe to strengthen Iran-Pakistan economic relations

Time ripe to strengthen Iran-Pakistan economic relations

Iran and Pakistan are tied in historic, cultural and religious bonds and time is ripe to strengthen economic relations.

Experts stress the need to give highest priority to bilateral trade, saying that the private sector of both countries should move forward to promote business and trade relations, IRNA wrote.

Trade and economic relations between Iran and Pakistan are based on diverse axes such as energy, infrastructural cooperation, financial assistance and commercial exchanges.

Iran and Pakistan have already agreed to enhance trade to $5 billion in the next five years.

During the 10 months from March 21, 2017 to January 20, 2018, the Islamic Republic exported products worth $726 million to Pakistan while Pakistan shipped goods valued at $360 million to Iran putting the overall bilateral trade at $1.086 billion.

Iran's export items were iron ore, iron scrap, dates, detergents, transformers, chemicals, bitumen, polyethylene and propylene, while export items of Pakistan include rice, fresh fruits, meat and cloth.

Iran's Foreign Minister Javad Zarif is scheduled to embark on an official visit to Pakistan from March 11 with an objective of enhancing economic cooperation with Pakistan.

The visit will provide an opportunity to explore ways to further strengthen cooperation between Iran and Pakistan in diverse areas of mutual interest, particularly in expanding bilateral trade.

Iran-Pakistan cooperation in the energy sector comprises two spheres: Gas and electricity.

Iran and Pakistan have signed a gas pipeline project. Iran has already built the pipeline up to the Pakistan-Iran border and now it is time for Pakistan to complete its side of the agreement. The 2,775-kilometer project will deliver natural gas from Iran to Pakistan, and could play an effective role in improving the country's economy.

Iran is also willing to join the China Pakistan Economic Corridor as well as want Pakistan to honor international commitments with regard to the Pak-Iran gas pipeline project.

Earlier, Iran's Ambassador to Pakistan Mehdi Honardoust had said his country is ready to increase electricity supply to Pakistan from the existing 100 megawatts up to 3,000 megawatts.

Iran and Pakistan are also developing two major ports in respective countries, Gwadar Port and Chabahar Port. Experts say that both ports are complementary to each other and would be beneficial to both countries.

Strong trade and business ties with Iran will not only help Pakistan's economic situation, but will also lead to greater stability and economic prosperity in the region.

   
KeyWords
 
Comments
Comment
Name:
Email:
Comment:
Security Key:
Captcha refresh
Page Generated in 0/3103 sec