ISLAMABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Thursday said opening of the banking channel with Iran would boost bilateral trade by one hundred percent within one year.
President of FPCCI Zubair Tufail hoped that State Bank of Pakistan would select some local banks within days to facilitate trade with Iran.
Talking to Iranian ambassador Mahdi Honar Doust, he said, "We are pinning high hopes to the second round of Free Trade Agreement (FTA) talks with Iran scheduled in July".
He said despite many commonalities, the volume of bilateral trade is unsatisfactory but resumption of the banking channels will boost trade to five billion dollars per annum as desired by the Prime Minister Nawaz Sharif while meeting Iranian foreign minister.
Zubair Tufail said business can bring people of the two countries together and that Iran can become a major exporter of petroleum products to Pakistan.
The FPCCI president said Pakistan can import quality pharmaceuticals and steel from Iran while export rice, meat, mutton, fruits and vegetables while chances of barter trade can also be explored.
A delegation of FPCCI will visit Tehran soon to explore business opportunities and that both the governments should take steps to make business easy, he said.
Zubair Tufail also called for improved air links as many Pakistani businessmen go to Iran through Dubai.
At the occasion, Iranian ambassador Mahdi Honar Doust said that trade between Iran and Afghanistan was three times greater than Pak-Iran trade while now it is double that Pak-Iran bilateral trade.
"We want to improve trade relations and a monthly meeting will be held between representatives of FPCCI and the embassy officials to find ways and means to improve the trade and overcome hurdles", he added.
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