There are a whole lot of things Pakistan and Iran can do together. However, as you most likely already know, every deal that is made with Pakistan eventually reaches the question whether the U.S. will allow them to go through with it. Like the pipeline, the railway, etc.
Its borrowing way too much money from the IMF each year to near break even, and I think that's mostly due to the high military spending. I don't think Pakistan needs their military spending to be that high anyway. It has nothing to fear from Iran, and I doubt whether the Hindus dare attack. They're currently too far into the US created lala-land, to want to mess it all up by being crippled with nuclear explosions across India. What is currently plaguing the country is the Wahhabi Saudi mercenaries turning the country into a mess.
I agree after we have our 300 JF17 Thunders and 100 J10 we shoudl really focus on alliances in regions mainly
iran / pakistan/ turkey / china /russia / May be Middle east if they are smart
Becasue if we think about it , if these countrie only trade with themsleves they can live quite happy enjoyable economy as a Group
Russia/Iran (Oil and Energy, Nuclear technology, Space program)
China (Industry, Silk, Nuclear technology, Electronics, Mobile phone, Laser , Space Program)
Turkey (Industry, Radars, Electronics, Communication networks,missiles)
Pakistan( Agriculture, Raw goods, Spices, Dairy, Nuclear technology, Space program)
Middle east (More oil and energy unlimited space for new cities, dates , shawarma)
Malasia (Computer , Electronics, computer chips , circuits technology)
Every thing is right here in this region with out needing to go all the way to US or Europe