Pakistan, Iran agree to work together to achieve $10bn trade target

LAHORE: A significant meeting was held at the Lahore office of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to strengthen trade relations between Pakistan and Iran. The meeting was attended by Iranian Ambassador to Pakistan Dr Reza Amiri Mukadam, Pakistani Ambassador to Iran Muhammad Mudasser Tippu, Iranian Consul General in Lahore Mehran Movahhedfar and other dignitaries.

At the outset of the meeting, Regional Chairman and Vice President of FPCCI Zaki Aijaz expressed deep sorrow over the passing of Iranian President Ibrahim Raisi.

He said that we need to work together to achieve the $10 billion trade target. Zaki Aijaz suggested establishing a trade group comprising traders from both countries to identify potential areas of trade and make joint recommendations.

Emphasis was also laid on the need to operationalize the barter trade mechanism. To promote trade relations, stress was laid on exchanging trade and cultural delegations, direct flights between the two countries, business-to-business meetings, promoting cultural and student exchange programs, and monitoring the performance of trade groups.

Muhammad Mudasser Tippu, Pakistani Ambassador to Iran, said that a decision has been made to keep the border between the two countries open for 24 hours to achieve the $10 billion trade target. He further said that negotiations on a free trade agreement (FTA) are underway and that the Ministry of Commerce and FBR should be contacted in this regard. He requested the Iranian ambassador to reduce trade duties on various items.

Iranian Ambassador to Pakistan Dr Reza Amiri Mukadam said that there are vast opportunities for bilateral trade between Pakistan and Iran. He stated that during the recent visit of the Iranian President and his meeting with Prime Minister Shehbaz Sharif, it was decided that a trade delegation comprising all sectors would visit Iran.

He said that due to the lack of a better trade system and banking channels, the Iranian embassy will provide full cooperation to resolve currency issues. He informed that Iran has allowed Pakistani trucks to move freely, but Pakistan has not yet granted permission to Iranian trucks. He suggested that the port of Chabahar should also be visited for investment opportunities.

Copyright Business Recorder, 2024