Pakistan and Iran have chalked out a five-year trade cooperation plan with a trade target of USD 5 billion, it was announced on Thursday.

"The five-year plan is aimed at removing impediments on bilateral trade, finalization of the Free Trade Agreement and establishment of institutional linkages between our respective private sectors,” foreign minister Bilawal Bhutto Zardari said at a joint press appearance along with his Iranian counterpart Hossein Amir after the two had held wide-ranging talks.

The foreign minister also said Pakistan's vision for greater enhanced trade was fully aligned with Iranian President Ebrahim Raisi’s policy of the neighbourhood first. “To this end, we have agreed to prioritize operationalization of the five remaining border markets by the end of this year,” he said.

Bilawal said he also discussed the Kashmir issue. “We are grateful to the Iranian leadership for its firm and consistent support” to the Kashmiri people, he said.

He said that Pakistan and Iran have agreed to continue active engagement with a view of advancing peace and stability in Afghanistan. “We also agreed to continue our cooperation to counter Islamophobia and anti-Muslim hatred,” he said.

Iran’s foreign minister said the two sides were fully committed to increasing the bilateral trade to USD 5 billion. “We have agreed to set up a special economic free trade region along the common border points,” he said.

He also emphasized the completion of the Pakistan-Iran gas pipeline which would definitely serve the national interests of the two countries.

Amir-Abdollahian said the two countries will take immediate steps for the release of fishermen and their vessels. He said convicted prisoners on both sides will be exchanged.

Separately, the Iranian foreign minister called on Prime Minister Shehbaz Sharif who reaffirmed Pakistan's commitment to further strengthen relations with Iran in diverse fields.

Recalling the joint inauguration, with President Raisi, of the Mand-Pishin border marketplace on May 18, Sharif stressed that initiatives aimed at economic uplift of the border areas were a tangible manifestation of the shared priority to collectively work for the betterment of our two peoples.

The Iranian leader arrived in Pakistan on Wednesday to promote bilateral ties.

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