"The response to this ongoing short series and the way the people followed the first T20 match in Bangalore, it is a clear indication that the ICC needs to give iconic status to Indo-Pak matches," Latif told PTI.
"The ICC needs to keep a window open for Indo-Pak series in its FTP with special status after taking both Boards into confidence. That is the only way cricket relations between Pakistan and India will not be affected by the political scenario," Latif added.
Moin argued that the Indo-Pak matches are bigger than even the traditional Ashes contests.
"The huge interest around the world when Pakistan and India play against each other is enough to convince the ICC that iconic status must be given to such series," Moin also told PTI.
Moin said the quality of cricket produced in Indo-Pak matches was also very high because players from both sides put in their best to win matches.
The two former captains also urged the Pakistan and Indian Boards to schedule a Test series next year.
"Two T20 and three ODI matches is enjoyable but not enough to whet the appetite of cricket fans who want to watch Tests between the two nations," Moin said.
"I hope that things move on from this series and we can have a proper Test series soon," he added.
Latif said there was no better advertisement for the sport than a Indo-Pak series.
"Obviously there is lot of pressure involved in such matches and at times it becomes more than a cricket contest but once we have frequent series than these problems will go away," he said.
He also insisted that the clash between Kamran Akmal and Ishant Sharma was not unusual in the first T20 at Bangalore.
"Tempers run high and emotions are involved when so many people are watching the match. It is no big deal in my mind," he said.