KARACHI: Consul General of Islamic Republic of Iran to Karachi, Ahmad Muhammadi has said that Iran is looking for signing free trade agreement (FTA) with Pakistan, which will benefit both of the neighbouring Muslims countries.

For increasing the bilateral trade, among other supportive steps, both the countries should establish banking channel, he said while speaking in a meeting with members of Korangi Association of Trade and Industry (KATI), here at the association's office, a KATI press release Friday said.

The Iranian diplomat said bilateral trade is also facing tariff barriers and hoped that all hurdles will be removed soon.

KATI President Tariq Malik said there is a great potential for improving the bilateral trade and economic cooperation. Both the governments should take more practical steps including exchange of trade delegations and business information.

Masood Naqi said private sector is ready to play its role for banking channel. He also urged for the business delegation exchange between Pakistan and Iran.