Pakistan, Iran: Work on mechanism to institutionalise barter trade underway

LAHORE: Pakistan’s ambassador to Iran, Muhammad Mudassir Tipu has said that work on mechanism to institutionalize barter trade between the two countries is underway and many things have been facilitated due to the recent visit of Iranian President to Pakistan.

Speaking at the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) regional office here on Monday, the ambassador said that trade chambers of both Iran and Pakistan should further strengthen their mutual relations as it will help boosting the bilateral trade. He further said Iran is doing trade with other neighboring countries and trade with Pakistan is also possible for that we have to make positive efforts. Big investors of Iran also want to invest in Pakistan.

The regional chairman of FPCCI, Zaki Ijaz, said that despite the strong friendly and brotherly relations between Pakistan and Iran, mutual trade is not enough. The business community faces numerous challenges such as absence of a banking channel, transportation, tariff, and non-tariff barriers.

Zaki Ijaz said that the meeting of Pakistani business community with Mohammad Mudassir Tipu was aimed at promoting bilateral trade between Pakistan and Iran and paving the way for new opportunities. He further said that trade with neighboring countries is very important as there are numerous opportunities for the promotion of bilateral trade between Pakistan and Iran.

Copyright Business Recorder, 2024