Iran to increase trade to $5 bn with Pakistan

Iranian foreign minister Javad Zarif on Monday vowed to increase his country's trade with Pakistan to $5 billion by 2021, as the current trade volume is around $1.16 billion between the two neighbours.

Zarif made the remarks during his meeting with Pakistani Prime Minister Shahid Khaqan Abbasi in Islamabad, said a statement by the prime minister's office. Efforts for strengthening of bilateral relations and issues related to peace and security in the region were also discussed, the statement added.

The Iranian Foreign Minister, leading a 30-member delegation, arrived in Pakistan late on Sunday on a three-day official visit for talks on regional issues and literal matters.

He said that mutual efforts of the two countries have resulted into enhanced economic and people-to-people interaction, which should be further strengthened.

For his part, Abbasi expressed Pakistan's desire to enhance mutually beneficial economic cooperation with Iran including bilateral trade, investments and commercial interaction, according to the statement. Abbasi also emphasized the need to deepen connectivity to harness benefits from regional economic integration.

The Pakistani prime minister also expressed his commitment to work to resolve the issues in implementation of Iran-Pakistan Gas Pipeline Project, including the financing of pipeline infrastructure and the scope of snap back clause.

The Iranian foreign minister is visiting Pakistan for bilateral consultations and he is also expected to interact with relevant Pakistani ministers and senior civil and military officials during this visit.