Iran, Pakistan to Increase Annual Agricultural Trade to $3 Billion – Economy news

This comes amid efforts by the two neighbors to bolster their political and economic cooperation.

Iran’s Minister of Agriculture Jihad Gholamreza Nouri said on Monday that agricultural trade between the country and Pakistan is planned to increase to $3 billion per year within the next two years from a current figure of $1.4 billion.

Nouri made the remarks after meeting Pakistan’s Minister of National Food Security & Research Rana Tanveer Hussain in Tehran.

He said that as part of the agreements reached with his Pakistani counterpart, Iran would rely on its eastern neighbor for increased supply of corn feed and meat.

“Pakistan has indicated its readiness to supply a part of the corn needed in Iran. The level of rice trade would also increase while the country would rely on cooperation with Pakistan for at least 60% of the demand for (imported) meat,” said the minister.

Nouri said that to balance the growing agricultural trade, Iran would increase its exports of dairy products, nuts, fruits, vegetables, and other farming products to Pakistan.

Pakistan’s Tanveer confirmed after the meeting with Nouri that his country would increase its exports of corn feed and red meat to Iran in the next two years.

He said that importing from Pakistan would be much easier and cheaper for Iran, which spends billions of dollars per year on imports of the two products from Brazil.

The new agreements on agricultural trade between Iran and Pakistan come as the two countries seek a closer political and economic partnership as a way of countering growing regional and international tensions.

During the meeting on Monday, Nouri appreciated Pakistan’s declaration of support for Iran during the country’s 12-day war of aggression with the Israeli regime in June.