Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.

Iran, Pakistan aim to reach $5 bn in trade volume per annuum

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Dec 2022 22:52
  • 1 Shares
4 Min Read

Trade officials announced they signed several agreements in a bid to enhance trade relations between the two countries.

  • x
  • Iran, Pakistan aim to reach $5 bn in trade this year
    Taftan border crossing 

Iran's Consul General Hassan Nourian said on Saturday that Iran and Pakistan are aiming to achieve a trading volume of $5 billion per annum considering that the current volume of $1.5 billion was deemed "unsatisfactory".

In order to achieve that target, the two countries signed two MoU: one for setting up a Joint Business Council between Iran and Pakistan, and the second to facilitate the arbitration of commercial disputes.

The Karachi Chamber of Commerce and Industry and the Isfahan Chamber of Commerce signed an additional MoU for improving joint cooperation in the two countries' business communities.

The Iranian Consul said that during his visit to KCCI, one of the most notable development was the removal of banned commodities from the list of items to be imported from Pakistan under the Iran-Pakistan PTA.

All three agreements were signed during a meeting that was attended by Trade Development Authority of Pakistan’s Chief Executive Zubair Motiwala, KCCI President Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar, Chairman of Diplomatic Missions and Embassies Liaison Subcommittee Zia ul Arfeen, former presidents Majyd Aziz and Iftikhar Vohra.

Read more: Terrorists kill 4 Iranian security forces near Pakistan border

According to the Iranian official, the 1,000-km shared border would allow both countries to meet each other’s demands which include the supply of Iranian natural gas, crude oil, and petrochemical products to Pakistan and for Pakistani agricultural products to reach Iran.

He added that Iran has suggested that the Pakistani government and the State Bank allow trade via the national currencies of both countries as a means of solving the lack of banking channels which are the main obstacle to smooth trade transactions.

By opening an Iranian bank branch in Karachi and devising a barter trade mechanism, the two countries would further contribute to overcoming that obstacle. 

Related News

US, EU finalize major trade deal with zero tariffs on US imports

Beijing condemns US placement of Chinese entities on sanctions list

Despite that a barter trade agreement was signed between the trade ministries of both countries, barter trade has yet to commence amid some technical issues that remain to be solved. 

He added that the Chairman of the Trade Promotion Organization of Iran Alireza Peymanpak is invited to visit Karachi on January 16 to sign an MoU with TDAP to remove trade barriers and explore ways to enhance trade relations.

Read more: Iran, Pakistani Foreign Ministries Hold Talks on Afghanistan's Neighbors

Peymanpak is also expected to participate in Iran’s Single Country Exhibition at Karachi Expo Center on January 16.

While TDAP's Chief Executive Zubair Motiwala welcomes Iran’s initiative to hold an exhibition in Karachi, he assured of his association's full support, along with KCCI’s assistance, in holding the landmark event. 

“KCCI, which is regularly holding My Karachi Exhibition for many years, has the required expertise for staging such events and is ready to fully assist Iran so that its solo exhibition could be organized in an impressive manner,” he said.

He added that some of the many products Iran is well renowned to produce, namely confectionary, petroleum, plastic, and many other products, can be imported to Pakistan.

On the other hand, tea, rice, fabrics, garments, and several other products can be exported to Iran.

Motiwala expressed hope that the agreements would set forth sound procedures of cooperation to help achieve mutual targets between the two chambers.

He further emphasized the necessity to expand the barter trade basket by adding more products to capitalize and facilitate importers and exporters of both countries.

Read more: Iran: Volume of Trade Exchange with Afghanistan, Pakistan will Rise to $5B

  • Trade exchange
  • Trade agreement
  • Pakistan
  • Trade
  • Iran

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
People protest against Israeli Prime Minister Benjamin Netanyahu during the 79th session of the United Nations General Assembly, in New York, on Friday, September 27, 2024 (AP)
Politics

'Israel' stops unfunded diplomacy ahead of UN, October 7 memorial

An Israeli Air Force fighter jet releases flares over the Gaza Strip, is seen from southern occupied Palestine, Thursday, May 8, 2025 (AP)
Politics

OIC summit draft: Israeli attack on Qatar risks normalization

People shout slogans and hold Palestinian flags while protesting during the twenty-first stage of La Vuelta cycling race from Alalpardo to Madrid, Spain, Sunday, Sept. 14, 2025. (AP)
Sports

Pro-Palestine protests force abrupt end to Vuelta a España finale

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, on Wednesday, September 10, 2025 (AP)
Politics

Israeli regime faces growing isolation over Qatar strike: Reports

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS