ISLAMABAD: Pakistan and Iran, on the sidelines of Shanghai Cooperation Organization (SCO) 2024 summit here on Wednesday, discussed ways for strengthening trade relations, enhancing industrial cooperation and cultural exchange.

According to press release issued by commerce ministry, , Federal Minister for Commerce, Jam Kamal Khan held a productive bilateral meeting with Iranian Minister for Industry, Mining, and Trade, Mohammad Atabak.

During the meeting, both ministers emphasized the importance of boosting economic ties through increased bilateral trade and investment.

They also explored avenues for collaboration in sectors of mutual interest, realizing that there was a huge potential for bilateral trade, which needed to be exploited.

The ministers discussed the potential for Pakistan and Iran to cooperate more closely in the regional market and beyond, leveraging the SCO platform to facilitate trade growth and regional stability.

Jam Kamal Khan highlighted strategic location of both brotherly countries as a gateway to Central Asia and Middle East. He stressed the need for stronger economic cooperation between Pakistan and Iran, not only to enhance bilateral trade but also to promote prosperity in the wider region.

Both sides expressed their commitment to continuing discussions and developing action plans to overcome existing trade barriers and streamline regulations to facilitate smoother business interactions between the two countries.

The meeting underscores the importance of regional cooperation through platforms like SCO, as both Pakistan and Iran look to strengthen ties and enhance their roles in the global market.

Finally, the Iranian Minister invited his counterpart for a high level visit to Iran, the statement added.