ISLAMABAD: President of Islamabad Industrial Area Association (IIAA) Faridoon Khattak on Thursday said that Pakistan and Iran have embarked on boosting bilateral trade which is expected to touch $5 billion in next five years.

Welcoming the signing of MoU on Five-Year Strategic Trade Cooperation Plan between Pakistan and Iran he said it would also give impetus to the regional economy.

Khattak recommended for the private sectors of both the countries to move forward to promote business and trade relations for the benefit of the people of the two countries.
He also suggested to Pakistan for arranging an exhibition in Iran to promote bilateral trade.

He said Pakistan's economy had improved during the current government's tenure and Iran could also take advantage of this rapidly growing economy.

Faridoon said that the bilateral trade was confined to limited items as Pakistan mostly imported oil and gas from Iran and exported rice and meat to Iran.

He said Pakistan could export many products to Iran including fruits, textiles, surgical items, sports goods, gems and jewelry.

Both countries may opt for joint investments in agro-food processing and infrastructure, particularly in the field of establishing effective rail, air, road and sea links to improve trade relations, he said.

He said trade through Gwadar Port and Chabahar Port would be beneficial for both countries and added urgent steps be taken to promote this route.

He hoped that visits of leadership of both countries will bring about improvement in bilateral economic and trade relations.