Pakistani Finance Minister Asad Umar on Monday stressed the need to enhance trade ties with neighboring countries to boost the country's economy, local reports said.

Addressing a ceremony at the Peshawar Chamber of Commerce, Umar said that "Pakistan needs to improve relations and boost trade with countries in both the west and east of the region we live in."

"Our exports have reduced, and we need to increase trade with countries within as well as outside the region," the finance minister said, adding that Pakistani products have a huge potential in Iran, Afghanistan and other countries of the region.

He said that the country has some issues with India but trade should be conducted as it will improve economic situation of the country.

The minister also highlighted the importance of developing tourism industry of Pakistan which can play a significant role in improving the country's economy.