The MoU was signed in a meeting co-chaired by Iranian Interior Minister Abdolreza Rahmani Fazli and Pakistani Minister for States and Frontier Regions Abdul Qadir Baluch in Tehran on Tuesday.
The 20th session of Iran-Pakistan Joint Economic Commission concluded in Tehran yesterday with a memorandum of understanding on economic cooperation signed between the two sides.
The session aimed at following up the implementation of agreements reached during the 19th session held in Islamabad in December 2014, which are in line with increasing trade and commercial transactions up to $5 billion per year.
After signing an MoU on expansion of economic cooperation, Rahmani Fazli voiced satisfaction over reaching agreements in various fields of economy, trade, industry, energy, communications, and security issues.
Recently, the State Bank of Pakistan (SBP) signed an agreement with the Central Bank of Iran (CBI) for banking and payment mechanisms cooperation. The mechanism will be used for payment of trade conducted via letter of credit (L/C) and in accordance with international laws and regulations.