Pakistan and Iran seek an increase in trade


Pakistan is in the final stages of negotiating a deal to increase its electricity imports from Iran tenfold, a government spokesman said Tuesday, part of a push to boost trade if sanctions relating to Iran’s nuclear programme are phased out, media sources reported.

Pakistan’s trade with Iran, worth $1.3 billion in the financial year 2008-9, plummeted to $217 million dollars in the 2013-4 financial year, sources further added.

The drop came after the United States, European Union and UN imposed sanctions aimed at halting Iran’s nuclear programme, which Western powers suspected was aimed at creating a nuclear bomb.

“It’s likely to be finalised shortly,” he said.

“The power purchase agreement would include a transmission line.” He declined to give details until the agreement is signed.