The leaders of Iran and Pakistan have agreed to further expand trade and economic cooperation, vowing to increase annual trade to 10 billion dollars.

Iranian President Ebrahim Raisi met with Pakistan's Prime Minister Shehbaz Sharif in Islamabad during a three-day-visit.

Pakistan's foreign ministry issued a joint statement on Wednesday. It said the neighboring nations vowed to take annual bilateral trade to 10 billion dollars in five years. They also agreed to quickly finalize a free trade agreement.

The two sides discussed a plan to develop a gas pipeline to deliver Iranian natural gas to Pakistan, affirming the importance of cooperation in the energy domain.

But it is not clear whether the project will go ahead anytime soon. Washington has said any countries considering business deals with Iran could face the risk of sanctions.