Pakistan, Iran discuss boosting trade, industrial cooperation on sidelines of SCO summit

On the sidelines of the 2024 Shanghai Cooperation Organization (SCO) summit, Pakistan and Iran held discussions on enhancing trade relations, industrial cooperation, and cultural exchange.

According to a press release from the Ministry of Commerce, Federal Minister for Commerce, Jam Kamal Khan, held a productive bilateral meeting with the Iranian Minister for Industry, Mining, and Trade, Mohammad Atabak, on Wednesday.

Both ministers highlighted the importance of boosting economic ties through increased bilateral trade and investment. They identified significant untapped potential in bilateral trade, agreeing that closer cooperation was essential to realise these opportunities.

Discussions focused on the potential for Pakistan and Iran to collaborate more closely within the regional market and beyond, utilising the SCO platform to facilitate trade growth and promote regional stability.

Khan underscored the strategic importance of both nations as gateways to Central Asia and the Middle East. He stressed the need for stronger economic cooperation, not only to boost bilateral trade but to enhance prosperity across the region.

Both sides committed to continuing discussions and developing action plans aimed at overcoming existing trade barriers and streamlining regulations, ensuring smoother business interactions between the two countries.

The Iranian minister concluded the meeting by extending an invitation to his Pakistani counterpart for a high-level visit to Iran.