Islamabad: Pakistan and Iran have signed a Memorandum of Understanding, setting a bilateral trade target to ten billion dollars. The agreement was formalized during a significant meeting between the Federation of Pakistan Chambers of Commerce and Industry and Iran’s Mashhad Chamber of Commerce and Industry.

According to Radio Pakistan, Iran has assured Pakistan of reducing business visa fees and facilitating trade activities to enhance bilateral trade relations. The trade between the two countries has already witnessed an increase during the last fiscal year, reaching 2.8 billion dollars.

The business environment in Pakistan is showing signs of improvement with the support of the Special Investment Facilitation Council. This development is paving the way for new opportunities for trade and investment between the two neighboring countries.