Announcing this, Pakistani Minister of State for Finance Rana Muhammad Afzal Khan said Iran and Pakistan are two very important neighbors, but the level of trade between the two countries is very low, pakobserver.net reported.
He noted that trade between the two countries even does not match the volume permitted under sanctions.
Iranian and Pakistani officials have aimed to increase annual trade between the two countries to $5 billion by 2021.
Rana Muhammad Afzal Khan said that the major reason for the low trade between the two countries is the lack of banking channel. "During his visit to Pakistan, Iranian Parliament Speaker Ali Larijani also pointed out that current level of trade between Iran and Pakistan is very low and we want to upgrade this."
He added, "I believe that trade with neighbors is the easiest trade in the world which will also help to enhance bilateral ties."
The minister noted that Larijani has sincerely raised trade and banking issues with Pakistani authorities, adding, "I will try my best to resolve these issues as soon as possible under international laws."
He pointed out, "Iran's Parliament speaker has informed us that Iran is doing trade with many countries which is more than $100 billion, but the share of Pakistan in this trade is very low.
"This is also a big challenge for me, but I will try my best to enhance trade as early as possible."