Karachi: The Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Amaan Paracha, has expressed optimism regarding Prime Minister Muhammad Shehbaz Sharif's recent diplomatic tour of Iran, Türkiye, and Azerbaijan. Paracha lauded the visit as a strategic move to enhance economic relations among these Islamic nations.

In 2024, trade between Pakistan and Türkiye reached an unprecedented $1.4 billion, marking a 30% increase from the previous year. Despite this growth, both nations aim to expand their trade volume to $5 billion. February 2025 saw Pakistan exporting $29.7 million to Türkiye while importing $46.9 million, resulting in a $17.1 million trade deficit for Pakistan.

Paracha highlighted the $2.8 billion trade volume between Pakistan and Iran in the current fiscal year. Despite aspirations to increase this figure to $10 billion, U.S. sanctions on Iran pose significant challenges. Paracha emphasized the potential benefits of joint efforts to bolster trade, which could strengthen both economies.

Additionally, Paracha pointed to the burgeoning trade relationship with Azerbaijan. In 2024, trade volume increased by 22.5% to $22 million. Azerbaijan imported $21.8 million from Pakistan, while Pakistan imported $196,000 from Azerbaijan. Both countries' leaders are keen to raise bilateral trade to $2 billion, with the Prime Minister's visit presenting new opportunities to achieve this goal.

Paracha also urged Prime Minister Sharif to address the issue of India's regional aggression during his discussions with the three nations, highlighting concerns about terrorism in the region.