ISLAMABAD - Pakistan and Iran Thursday signed three Memorandum of Understanding (MoUs) following the two-day Joint Economic Commission meeting, seeking to boost cooperation in various fields as part of the efforts to further deepen their bilateral relations. These agreements signed by visiting Iranian Foreign Minister Dr Ali Akbar Salehi and Finance Minister Dr Abdul Hafeez Sheikh relate to cooperation in economic and technical field, electronic media and private sector in establishing Pak-Iran Investment Company. Later, addressing a joint press conference, they said the 18th session of Joint Economic Commission had been very meaningful and productive in which a number of joint working groups were set up for the development of energy sector, trade, joint investment fund and roads and railways. Dr Hafeez said that both the countries have agreed to enhance bilateral trade from current $1.5 billion to $4.5 billion over the next three years. He added that there is a great potential to enhance trade volume between two countries to 5 billion dollars. He said that Pakistan and Iran have a big market and are the important players of the region and both have very crucial role in changing scenario in the region. On the occasion Hafeez Sheikh said Iran would provide 1,100 megawatts of electricity to Pakistan out of which 1,000 MW would be put in the national grid while remaining 100 megawatts would be supplied to Gwadar. Responding to a question, the Iranian foreign Minister said that Pakistan and Iran had reaffirmed determination to complete mega project of Gas Pipeline by 2014 as construction was already underway on Iranian side. Iran would continue energy cooperation with Pakistan, he said, adding that Iran had completed 90 per cent construction of pipeline on its side and hoped that it would reach the border within next one year. He was of the view that eventually it would emerge to be the peace pipeline and would reach to every country that needs gas from Iran. Iranian Foreign Minister Salehi said that the gas pipeline project would be named as 'peace pipeline. He said that Iran has almost completed 90 per cent of work on the project inside her geographical limits and within one year it would reach to Pak-Iran border. Responding to another question, he said that Iran has attained self-reliance in nuclear fuel and has made uranium with 20 per cent enrichment. According to the minister, it was already in knowledge of International Atomic Energy Agency (IAEA) and everyone that is concerned. Asked to comment on the threatening statement of French President Nicolas Sarkozy, he said, Sometime some statement does not deserve reaction. Iran is there for the last 3,000 years and we have seen numerous such statements and threats, he concluded. Salehi and Pakistani Petroleum Minister Asim Hussain in a meeting here discussed on possible ways of developing the bilateral energy ties between the two neighbouring countries. They also discussed cooperation in the energy sector with special focus on the gas pipeline project. During the meeting, Salehi assured Pakistan that Iran would extend all possible help to the neighbouring and brotherly Islamic country in energy sector. Iranian Ambassador to Pakistan MashaAllah Shakeri and Pakistans Secretary Petroleum & Natural Resources Division Muhammad Ejaz Chaudhry were also present at the meeting. Asim Hussain reassured the mutual understanding of both governments on regional and global issues. The Federal Minister for Petroleum apprised the Iranian Foreign Minister about the ongoing projects of the oil & gas sector in Pakistan and thanked the Iranian government for the cooperation extended in Iran - Pakistan Gas Pipeline project. The 2700-kilometer long pipeline was to supply gas for Pakistan and India, which are suffering a lack of energy sources, but India has evaded talks. Last year Iran and Pakistan had declared that they would finalize the agreement bilaterally if India continued to remain absent in the meetings. According to the project proposal, the pipeline will begin from Irans Assalouyeh Energy Zone in the south and stretch over 1,100 km through Iran. In Pakistan, it will pass through Baluchistan and Sindh but officials now say the route may be changed if China agrees to the project. The gas will be supplied from the South Pars field. The initial capacity of the pipeline will be 22 billion cubic meters of natural gas per annum, which are expected to rise to 55 billion cubic meters. It is expected to cost $7.4 billion. Prime Minister Syed Yousuf Raza Gilani on Thursday emphasised on the importance of expediting the projects of gas pipeline and import of 1,000 MW electricity from Iran to Pakistan. The Prime Minister was talking to Iranian Foreign Minister Dr Akbar Salehi, who called on him here. During the meeting the two sides exchanged views on a whole gamut of Pak-Iran relations spreading over trade, energy, communications, rationalisation of the tariff and combating terrorism, which poses grave dangers to the security, economic advancement not only of the two countries but also of the region. The Iranian Foreign Minister informed the Prime Minister that Iranian part of gas pipeline will be completed by the middle of next year. About the export of 1000 MW electricity, the Foreign Minister said that Iran can export the electricity even now if it could be connected with the grid system of Pakistan. The Prime Minister said that Pakistan had also embarked upon improving its relations with its neighbours because if a country has good relations with its neighbours it does not need support from the countries situated far beyond. It is in pursuance of this paradigm shift that Pakistan has been reaching out to its neighbouring countries such as Iran, Afghanistan, India, China, Russia and Central Asian Republics to improve its relations in qualitative terms, he said adding that the response is extremely encouraging. The Iranian Foreign Minister during the meeting said that Iran was ready to help Pakistan in all possible ways because Iran is a reliable friend, a neighbour and considers Pakistans stability, security and prosperity as Irans own security, stability and prosperity. The Prime Minister said that Joint Economic Ministerial Commission of the two countries should meet frequently to ensure the follow-up and also timely implementation of the decisions taken by the two countries at various levels by the respective governments officials. It was also decided in the meeting to create Investment Fund to encourage the private sector in particular to undertake investment in the two countries. Pakistan also agreed to allow the Iranian government to open up Bank in Pakistan to facilitate the business community to play their role in the development of their economies. Turkey and Iran have also concluded similar arrangements to jump-start the economic cooperation. It was also decided to rationalise the tariff regime between the two countries to pick up trade and curb smuggling. The Iranian Foreign Minister said that trade between Iran and Turkey would touch about 15 billion dollars this year, while the trade between Pakistan and Iran is just a fraction i.e. Pakistani exports to Iran are about 150 million dollars and Iranian exports to Pakistan are about 1.2 billion dollars. Regarding terrorism, the Prime Minister said that the interior ministries of the two countries should meet to evolve a comprehensive strategy to fight the menace of terrorism posing serious threat to the countries of the region and indeed to the whole world. The Iranian Foreign Minister said that his country would consider the proposal of Pakistan regarding the opening of consulate at Bandar Abbas. Both the leaders were of the view that the population of two countries which is about 250 million provides a vast market for the economic growth of the two countries. By establishing effective communication and transport mechanism and providing connectivity, both the countries can realize their full potential. Iranian Foreign Minister proposed that Pakistan should connect with the rail link now in progress between Iran, Oman, Turkmenistan, Kazakhstan and China. The Prime Minister said that he was looking forward to meet the Iranian President and the Vice President during his forthcoming visit to brotherly country. The Iranian Foreign Minister assured the Prime Minister that he would ensure in his capacity to pave the way for enhancing cooperation between the two countries and if there are any irritants he would address those promptly, thoroughly and comprehensively. Iranian Foreign Minister Dr Ali Akber Salehi Thursday called on Foreign Minister Hina Rabbani Khar and discussed bilateral relations and regional situation. According to Foreign Office, the two foreign ministers discussed at length bilateral relations including measures to strengthen and deepen bilateral economic cooperation. The ministers also discussed the global political situation including developments in North Africa and the Middle East. Both ministers underscored the importance of regional connectivity and the role of the Economic Cooperation Organisation. The two ministers agreed that the outcome of the 18th session of the Joint Economic Commission would provide important inputs for Prime Minister Syed Yousuf Rasas visit to Iran from 12-13 September 2011.