Iran to Broaden Economic Ties with Pakistan; Beneficial for Steel

Iran, one of the largest steel exporter in MENA region is looking to increase economic ties with its neighbors in order to counter US sanctions. Recently Iranian officials met Pakistani officials and discussed about increasing the economic ties among both the nations.

Recently, Mr. Mohammad Rafiei, Iran's Consul General met Mr. Jam Kamal Khan Chief minister of Pakistan's Balochistan Province and discussed about increasing the bilateral trade up to USD 5 Bn. Mr. Rafiei said, "Iran-Pakistan Free Economic Zone is expected to open in the city of Mirjaveh in Iran's Sistan-Baluchistan Province in the coming days."

They also discussed implementation of decisions taken by the Pakistan-Iran Border Commission and Joint Border Trade Commission. Mr. Rafiei added, "Both nations have had social, political and cultural relations for decades; therefore, the Iranian government has always placed importance on relations with Pakistan." Balochistan Province is an important bridge between Pakistan and Iran.

Mr. Kamal Khan said, "Today, relations between the two countries depend a lot upon trade and economic relations with neighboring country can only be strengthened by boosting trade activities. The tax-free border markets in Pakistan and Iran will boost economic ties between the two countries."

Iran Finished Long Steel Export to Pakistan

According to Iranian customs department, the nation has exported 6,858 MT finished long steel to Pakistan during CY'16. During CY'17, with an export of 18,870 MT, finished long steel export increased by around 175% Y-o-Y. Iran has already exported 17,804 MT finished long steel to Pakistan till Oct'18.