Iran and Pakistan have agreed to increase their annual bilateral commercial exchange to $10 billion which is a 5-fold growth in trade exchanges.

According to The Iran Project,Iran's Minister of Roads and Urban Development Mehrdad Bazarpash visited Islamabad as the head of the Joint Commission on Economic Cooperation.

During his visit, he met with Pakistani officials and jointly opened a new chapter of trade development aimed at reaching a trade horizon of $10 billion.

The agreements made during the past year resulted in an increase in trade between the two countries.

Pakistan has now become Iran's sixth-largest export destination, with a 4.2% share of the country's total exports in the previous year.

According to available statistics, Iran-Pakistan trade increased from $1.5 billion in 2022 to over $2 billion last year, showing a growth of 38% in terms of value and 23% in terms of volume between the two countries.

Increasing the volume of trade between the two neighbors was among the main objectives of President Ebrahim Raeisi and the Minister of Roads and Urban Development's visit to Pakistan. To achieve this goal, the two countries agreed to enhance bilateral trade exchanges to $10 billion by signing eight cooperation documents in various fields.

During the Joint Commission on Economic Cooperation meeting, both Iran and Pakistan agreed to increase the level of cooperation, particularly in the field of transportation and infrastructure development, as one of the basic principles of trade and economic activity.