Pakistan's top business body has set an ambitious target: boosting bilateral trade with Iran from $2.8 billion to $10 billion annually within three to five years. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) outlined this roadmap after hosting a high-profile Iranian business delegation from Arak Province, signaling a push to transform political goodwill into concrete economic gains. Main Developments FPCCI President Atif Ikram Sheikh welcomed the Iranian delegation led by Naser Beigi, President of the Arak Chamber of Commerce. Sheikh stressed that current trade volumes fall far short of true potential, urging private sectors to move beyond conventional trade and forge robust industrial partnerships. For fiscal year 2023–24, bilateral trade stood at approximately $2.8 billion—$684 million in Pakistani exports to Iran and $2.1 billion in imports. The delegation highlighted Arak province's strengths in heavy machinery, engineering equipment, automotive parts, agricultural technology, and mining solutions, which complement Pakistan's evolving industrial sectors. Read also: 3 Defining Moments in Garry Sobers' Legacy After Death at 89 Background FPCCI's roadmap identifies three critical barriers: complex trade procedures, absent formal banking channels, and weak logistics networks. Saquib Fayyaz Magoon, SVP FPCCI, noted that deep-rooted historical, political, cultural, and religious ties remain "vastly underutilised" economically. The Iranian delegation's visit follows earlier diplomatic efforts to normalize trade despite international sanctions on Iran. Murad Nemati, Iran's Commercial Attaché in Pakistan, emphasized that the dialogue aims to showcase Iran's robust manufacturing base. Opportunities for joint ventures span agriculture, food processing, petrochemicals, mining, engineering, household appliances, and renewable energy. Why It Matters Reaching $10 billion would quadruple current trade, offering Pakistan access to Iranian heavy machinery and energy while opening new markets for Pakistani exports. Improved banking channels could reduce reliance on informal hawala systems, and joint ventures in sectors like petrochemicals and renewable energy would strengthen both economies against regional volatility. What's Next FPCCI pledged full assistance to businessmen formalizing partnerships. The next steps involve simplifying trade procedures, establishing formal banking and payment mechanisms, and upgrading transportation networks—actions that require coordinated government and private-sector effort. The Iranian delegation's visit signals momentum, but tangible progress depends on overcoming long-standing bureaucratic and financial hurdles.