Pakistan, Iran sign three Memorandums of Understanding to promote economic cooperation

Islamabad: Pakistan and Iran Tuesday signed three MoUs on timely completion of Iran, Pakistan gas pipeline project, electricity import from Iran and encouraging private sector of both countries.

MoUs were signed by Advisor to Prime Minister on Finance Dr Abdul Hafeez Sheikh and visiting Iran’s Vice President for International Affairs Ali Saeedlou on conclusion of bilateral talks here. Dr Sheikh said both sides agreed to explore more avenues to increase bilateral trade to $5 billion mark.

He said Pakistan and Iran expressed their resolve to remove obstacles impeding trade. Both sides reviewed bilateral economic relations in commerce, transport, communication, energy, railways, oil, gas sectors. He said President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani are committed to bring two countries together. “Our trade volume will cross $5 billion bench mark in times to come.”

Saeedlou called for enhancing cooperation between Iran and Pakistan in economy and development. “We are linked in eternal ties of religion, culture and history. Two great nations are capable and have capacity to work for well being of the region.”

He said Iran has already completed its portion of gas pipeline project and is also ready to assist Pakistan in building Pakistani part of the project which will bring prosperity in the region and further strengthen ties. Iran extended $100 million assistance to Pakistan’s flood-stricken people and ready to start more projects for welfare of Pakistan people.

He spoke of upcoming visit to Pakistan of Iran’s President Mahmoud Ahmadinejad and said Tehran has no restrictions for expansion of ties with Islamabad. A business to business meeting of delegates from private sectors of both sides was also held.

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