The Preferential Trade Agreement (PTA) signed with Iran in 2006 should be revived or converted into FTA otherwise the decision of both countries to boost bilateral trade to five billion dollars in five years would remain a dream, said Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain. He said PTA signed with Iran had lost its efficacy as mutual trade had reduced by 75 percent in the last six years which called for immediate action.
Two-way trade stood at 1,321 million dollars in 2008-09 which was now as low as 43 million dollars, he said, adding "Iran's trade with India, Turkey and China has picked up during the same period which indicates incompetence of our export managers." "Pakistani rice, services, agricultural products, meat, beef, pharmaceuticals, cotton, yarn and chemicals have demand in Iran but our 63 percent export comprise rice only," he said.
Trade should be facilitated while smuggling should be discouraged which was threatening local oil and gas companies and tile manufacturers, said Mian Zahid Hussain. He said that nuclear deal had renewed interest of many countries and investors in west-Asian nation while India was also trying to sign a trade deal with Tehran to penetrate in Afghanistan and Central Asia. India's trade with Iran was 16 billion dollars which contracted to 13 billion after sanctions which will get a boost now therefore Pakistan should not waste time.