Business community backs Pakistan-Iran trade pact

MG News | August 05, 2025 at 11:13 AM GMT+05:00

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August 5, 2025 (MLN): The business community has welcomed the recently concluded Free Trade Agreement (FTA) between Pakistan and Iran, along with 12 ministerial-level accords viewing it as a major breakthrough for regional economic integration and growth.

The Korangi Association of Trade and Industry (KATI) President Junaid Naqi highlighted that with mutual commitment, bilateral trade could expand to $10 billion, particularly in high-potential sectors such as textiles, pharmaceuticals, leather, and food products.

He also stressed the importance of leveraging Iran’s low-cost energy resources to drive Pakistan’s industrial competitiveness, stated a press release issued yesterday.

“Pakistan and Iran enjoy a long-standing relationship rooted in historical solidarity. This Free Trade Agreement can redefine our economic landscape and help both countries meet their growth targets through enhanced regional collaboration,” he noted.

Lately, Pakistan and Iran have accelerated efforts to deepen bilateral ties, signing 12 new agreements and MoUs covering trade, technology, tourism, border management, and judicial cooperation culminating in the long-awaited Free Trade Agreement aimed at boosting trade by 2028.

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