Commerce Minister Khurram Dastgir said Wednesday that both Iran and Pakistan were set to sign the Free Trade Agreement (FTA) as both countries had reached a consensus in this regard.

In an interview, he said, “Under the first major step towards FTA, central banks of Iran and Pakistan signed an agreement few months ago and all the required notifications have been done.”

“The negotiations are underway to immediately open letters of credit at Pakistani banks for trade with Iran.”

The minister said that trade between the two countries had exceeded $1 billion and this will grow even further in future.”