• Pakistan and Iran aim to raise bilateral trade to $10 billion annually.
• Agreements were signed during Iranian President Pezeshkian's two-day visit to Pakistan.
• Trade ministers emphasized removing border bottlenecks and enhancing cooperation.
• There is a push to formalize informal trade, especially in energy and agriculture.
• Both countries are focused on joint efforts to combat terrorism and enhance regional security.

Iran’s President Masoud Pezeshkian landed in Lahore for a two-day official visit, aiming to boost annual bilateral trade with Pakistan to $10 billion. This ambitious target was reaffirmed during discussions among officials from both nations, emphasizing the need for cooperation in a shifting geopolitical landscape. "Through Pakistan, Iran can connect to the Silk Road linking China and Pakistan, and the route can then extend through Iran to Europe," Pezeshkian stated before his departure, highlighting the strategic benefits of enhanced trade routes, according to Dawn.

During his visit, a significant meeting between Pakistani Commerce Minister Jam Kamal and Iranian Minister for Industry, Mines and Trade, Mohammad Atabak, concluded with an agreement to elevate bilateral trade volumes, targeting $8 billion annually. The ministers emphasized the importance of utilizing existing borders and trade corridors effectively, recognizing the geographic advantages both countries share. "Geography is an advantage. Pakistan and Iran must utilise this discount of distance," Kamal remarked, as reported by Dawn and India Times.

A joint statement emphasized the need for "trust-based partnerships" across multiple sectors, particularly in energy, agriculture, and logistics. Both parties acknowledged the significance of structured trade outcomes and the potential to formalize existing informal trade, an area that has seen considerable activity, especially regarding energy supplies. "Traders and industrialists in both countries are ready," said Atabak, underlining their readiness for enhanced business connections, according to Al Jazeera.

Furthermore, Prime Minister Shehbaz Sharif reiterated Pakistan's commitment to supporting Iran, particularly in terms of its right to a peaceful nuclear program, as well as uniting efforts to combat terrorism. "We must protect our borders and take strict steps against terrorism to open the roads to peace and development in the region," emphasized Sharif. Both leaders reinforced the idea that peaceful relations are crucial for prosperity, especially as they navigate complex regional tensions, according to Al Jazeera and Dawn.

Looking ahead, both countries highlighted the importance of a Joint Economic Commission (JEC) to facilitate continuous engagement and strategize around mutual economic benefits. They see a "new phase of strategic economic partnership" emerging, which could redefine regional trade dynamics, as articulated by the ministers during their discussions. The upcoming sessions of the JEC are slated to tackle specific sectors for collaboration, aiming for sustainable trade relations, as noted by India Times and Dawn.