The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has signed a Memorandum of Understanding (MoU) with the Mashhad Chamber of Commerce and Industries to enhance bilateral trade to $10 billion.
According to officials, the agreement is intended to increase exports between the two countries and strengthen economic cooperation.
The signing ceremony took place in Lahore, attended by Punjab Governor Sardar Saleem Haider Khan and Governor General of Iran’s Razavi Khorasan province Gholam Hossein Mozaffari.Â
Governor Punjab highlighted Iran’s growing interest in Pakistani products and emphasized the need to expand trade relations. He also stated that the Iranian governor had assured consideration of lowering visa fees for tourists and business travelers while improving facilities for smoother cross-border trade.
The MoU follows FPCCI’s recent announcement outlining ambitious plans to enhance economic ties with Iran and achieve the $10 billion trade target within five years. The commitment was reaffirmed during a high-level Business-to-Business (B2B) session, where officials discussed strategies to facilitate direct trade connections.
Trade between Pakistan and Iran reached $2.8 billion during the 2023-24 fiscal year, with Pakistan’s exports standing at $684 million and imports from Iran totaling $2.1 billion. Iran’s exports to Pakistan saw a 13% increase in 2023, reaching $944 million.
