Pakistani Foreign Minister Khurshid Mehmood Kasuri received Kharrazi on his arrival at Islamabad Chaklalah airport.
The Iranian foreign minister will call on President Pervez Musharraf later today.
He will hold formal talks with the Pakistani foreign minister on Tuesday.
Kharrazi will also call on Prime Minister Shaukat Aziz on the same day.
The Iranian foreign minister will hold a meeting with Salman Shah, Advisor to the Prime Minister on Economic Affairs.
Developments in the region, the situation in Iraq and Afghanistan and prospects of India-Pakistan talks are among other topics on the agenda of discussions, a diplomat told IRNA.
"Kharrazi's visit provides another welcome opportunity to review Pak-Iran bilateral relations and exchange views on regional and global developments," the Foreign Ministry said in a statement issued ahead of the visit.
Kharrazi last visited Islamabad in August 2003. The visit was returned by Kasuri in August this year.
The two foreign ministers also met on the sidelines of the ECO summit in the Tajik capital, Dushanbe on September 12 and the UN General Assembly in New York on September 28.
"Pakistan values close friendly relations with Iran which is an immediate neighbor and a fellow ECO member," the statement said.
Pakistan, Iran committed to gas pipelines: spokesman
Pakistan and Iran are on board for the multi-billion gas pipeline project and will welcome India to join it, Foreign Office Spokesman said in Islamabad on Monday. "Prime Minister Shaukat Aziz during his recent visit to India had offered to New Delhi that we would welcome India to join it," Spokesman Masood Khan told reporters. He said Pakistan is still open for India being associated with the project but "there cannot be external conditionalities attached to it". The spokesman's comments came at a time when a Pakistani delegation is in Iran for talks on the gas pipeline and Iranian Foreign Minister, Kamal Kharrazi arrived in Islamabad on Monday.
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