FPCCI appreciates PM Imran's visit to Iran

KARACHI: President of the Federation of Pakistan Chambers of Commerce and Industry Engineer Daroo Khan Achakzai has appreciated the Prime Minister visit to Iran and stated that it will open the opportunities for enhancement of bilateral trade and economic relations between both nations.

He stated that presently Pakistan and Iran enjoys Preferential Trade Agreement (PTA); wherein the concessions on 18 percent of items are given but this PTA was not fully materialised due to international sanctions on Iran and Pakistan lost its market of mangoes, rice, citrus fruit and other agriculture items.

Achakzai urged on the promotion of barter trade between both nations as Pakistan has huge potential in exporting of agriculture products and edible fruit and vegetables while in return Iran has potential to export of crude oil and petroleum products.

While quoting the statistics, the President FPCCI indicated that the bilateral trade between Pakistan and Iran's stood at US$ 398.5 million; wherein the volume of Pakistan’s export to Iran is US$ 21.0 million and import from Iran is US$ 377.4 million.

He stated that Iran plays a leading role in international organisations where Pakistan is also an active member like OIC, D-8, ECO, G-24 and G-77.

The President o FPCCI further stated that the stronger trade and business ties with Iran will not only help Pakistan’s economic situation, but will also lead to greater stability and economic prosperity in the region.

Moreover, both countries should promote trade through land borders by opening new trade routes like Gabd-Reemdan and Mand-Pashin; which will help in improving the economy of Baluchistan. Internationally, it has been proved that opening of new trade border among the neighboring countries will boost bilateral trade which can be seen in case of India that open its borders with Bangladesh and Nepal.

He further elaborated that Iran is the first nation that recognised Pakistan globally as a sovereign country in 1947, since then Iran had unique and good relations with Pakistan.

While talking about the Pakistan-Iran gas pipeline project, he emphasised the need of early completion of gas pipeline from Pakistan. He also praised Iran for starting exports of electricity to Baluchistan which will help in resolving the energy crisis.

He eulogised the development of Chahbahar port as it would serve as a sister port of Gwadar for developing connectivity by establishing the North–South and East–West corridors.

FPCCI president also suggested opening of financial channels between two nations as transactions through third country increase the cost of doing business and affect competitiveness of Pakistan and Iran.

He also stressed on holding of commercial activities between the private sector for business to business relations and enhancement of trade.

The President FPCCI also welcomed the initiation of the process for release of a number of Pakistani prisoners by the Government of Iran, and for making arrangements for their expeditious repatriation to Pakistan.