Economy minister: Iran-Pakistan trade balance to hit $5bn

Tehran and Islamabad are set to considerably increase the volume of their trade exchanges, Iranian Economy Minister Ali Tayyebnia announced on Monday. "The value of trade exchanges between Iran and Pakistan is set hit USD five billion in the future," Tayyebnia told reporters after meeting with his Pakistani counterpart Mohammad Ishaq Dar in Tehran today. Earlier in the day, Tayyebnia met with Ishaq Dar to discuss the enhancement of economic cooperation between the two neighboring countries. Iranian and Pakistani economy ministers exchanged views on ways to overcome the existing obstacles in the way of Tehran-Islamabad economic relations. The Pakistani finance minister and his accompanying delegation arrived in Tehran on Sunday. On Sunday, Iran and Pakistan signed 9 Memoranda of Understanding (MoUs) in a bid to further expand mutual cooperation in various grounds of security. The MoUs were signed between Iranian First Vice President Eshaq Jahangiri and Pakistani Prime Minister Mohammad Nawaz Sharif in Tehran on Sunday. According to the MoUs, the two sides agreed to set up a joint committee on border issues. They also agreed to boost cooperation in their fight against terrorism, drugs trafficking and money-laundering. Also during the meeting, Jahangiri urged Islamabad to fulfill its commitments regarding the multi-billion-dollar gas pipeline, projected to carry natural gas from Iran to Pakistan. Sharif, for his part, highlighted the significance of the project, and said his country welcomes multilateral cooperation in the oil and gas sectors.