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Iran sees exports growth to Pakistan by 38 pct

Iran sees exports growth to Pakistan by 38 pct

The nature of Iranian-Pakistani relations is strategic and there are many prerequisites for more extensive cooperation between the two states.

The Iranian Embassy reported that Iran’s exports to Pakistan increased by about 38 percent in the 11 months of the past 1,397 Iranian year, which ended March 20, 2019.

According to the Iranian embassy in Islamabad, trade between Iran and Pakistan has increased significantly, Iran Daily reports.

During 1397 year, Iran exported products worth $ 1,128 billion to Pakistan. The mass of exported goods increased by 28 percent and amounted to 2,489 tons.

According to the latest figures, Pakistan ranks eighth in popularity in Iranian exports, while China is in first place, Iraq is in second place and the United Arab Emirates is in third.

Despite banking problems and customs issues, trade between Iran and Pakistan is growing but is still below its capabilities.

The leaders of Iran and Pakistan have already agreed to increase bilateral trade to $ 5 billion in the next five years.

Iran is an economically developed country in South-West Asia and is the largest economy in the region, second only to China, Japan, India, Turkey, Indonesia and South Korea in Asia in terms of GDP.

From November 5, 2018, the U.S. Treasury Department is authorized to impose sanctions on individuals and legal entities that provide material or technological assistance to the Central Bank of Iran; National Iranian Oil Company (NIOC) and its Affiliates (NICO); companies implementing the management of ports operating in the field of shipping, shipbuilding, maritime freight, as well as enterprises of the Iranian energy sector, carrying out significant transactions for the purpose of purchasing, selling and transporting oil and petrochemical products from Iran.

Diplomatic relations between Iran and Pakistan were established in August 1947. Iran became the first country in the world to recognize the sovereign status of Pakistan.

Iran has consistently supported Pakistan in its crisis years, especially during the 1965 Indo-Pakistani war. In turn, Pakistan provided military assistance to Iran during the Iran-Iraq war.

Both countries are members of the Islamic G8, the Economic Cooperation Organization (ECO) and observers in the Shanghai Cooperation Organization (SCO).

Iran and Pakistan are close neighbors enjoying the similarity of views on most regional and international issues.

Today, Iran and Pakistan are well aware that solving economic problems, strengthening the security of the two countries is possible only with close cooperation.

Iran-Pakistan relations have not always been at a high level. But in fact, the stability of the region depends largely on these countries.