Pak-Iran trade volume touches historic high, surpasses $2bn mark

Edevelop · Apr 21, 2023

ISLAMABAD (Web Desk) - The bilateral trade between Pakistan and Iran has reached historic high, exceeding $2 billion mark.

"Iran is inaugurating numerous projects including an electricity transmission project, trial run border market and other projects that are to be completed in the near future," said outgoing Ambassador of the Islamic Republic of Iran to Pakistan Syed Mohammad Ali Hosseini during during a farewell meeting with Federal Minister for Economic Affairs Sardar Ayaz Sadiq on Tuesday.

He said currently Iran is exporting 144MW of electricity to Pakistan, and this figure is expected to double upon the completion of power projects in Pakistan, adding Iran has the potential to export 500MW of electricity to Pakistan.

Minister Sardar Ayaz Sadiq expressed his gratitude to Ambassador Hosseini for his dedicated service to strengthening the economic ties between Pakistan and Iran.

He noted under the ambassador’s leadership, the bilateral trade between the two countries had increased significantly, and several joint projects had been initiated in various sectors, including energy, agriculture, and infrastructure.

The minister also praised the ambassador for his proactive and focused role in facilitating the Iran-Pakistan gas pipeline project, which is a significant milestone in the economic cooperation between the two countries.

The outgoing Iranian Ambassador reiterated Iran’s commitment to further enhancing the economic relations between the two countries and expressed confidence that his successor would continue the positive momentum. “Despite facing pressure, we have strong resolve in all areas,” said Ambassador Hosseini.

He highlighted that the bilateral negotiations between Pakistan and Iran on transportation, customs and commerce are reaching to a conclusion in the near future.

The ambassador lauded the efforts of the Ministry of Economic Affairs for successfully conducting the 21st Session of the Pakistan-Iran Joint Economic Commission (JEC).