Tehran, Islamabad to Boost economic cooperation

Iranian and Pakistani officials in a meeting in Islamabad inked a number of Memoranda of Understanding (MoUs) on increasing economic cooperation between the two countries. The three MoUs were signed by Iran's Vice-President for International Affairs Ali Seedlou and Pakistani advisor to the Prime Minister on Finance Abdul Hafeez Sheikh, at the end of bilateral consultations in Islamabad. During the meeting, Seedlou expressed gratitude for the hospitality of Pakistan, and stressed the need for enhancing cooperation between Iran and Pakistan in the fields of economy and development. He said that Iran and Pakistan are linked in the eternal ties of religion, culture and history. Two great nations are capable and have the capacity to work for the well being of the region. Ali Seedlou added that Iran has already completed its portion of gas pipeline project and is also ready to assist Pakistan in building Pakistani part of the project. "The project will bring prosperity in the region and would further strengthen Iran-Pakistan ties," he noted. He said Iran had extended 100-million-dollar assistance to Pakistan's flood-stricken people and is ready to start more projects for the welfare of the Pakistan people. Pointing to the upcoming visit to Pakistan of the Iranian President Mahmoud Ahmadinejad, he said Tehran has no restrictions for expansion of ties with Islamabad. Abdul Hafeez Sheikh, for his part, said that the MoUs were related to timely completion of Iran-Pakistan gas pipeline project, import of electricity from Iran and encouraging private sector of the two countries. "Both sides also agreed to explore more avenues to increase bilateral trade to $5 billion mark," the advisor said. Abdul Hafeez Sheikh also said that Iran and Pakistan have expressed their resolve to remove obstacles impeding trade. He added the two sides reviewed bilateral economic relations including commerce, transport and communication, energy, railways and oil and gas sectors. Abdul Hafeez added that President Asif Ali Zardari and Prime Minister Yousaf Raza Gillani are committed to bring Iran and Pakistan together. "Our trade volume will cross 5 billion dollars bench mark in times to come," said the advisor.