Banking channel, currency swap talks under way: Iranian envoy

Iranian Ambassador Mehdi Honardoost has said the negotiations for establishment of banking channel and currency swap with Pakistan are well on the way.
He stated this while speaking at the Lahore Chamber of Commerce & Industry (LCCI) here Wednesday. Iran and Pakistan should concentrate on trade and economic activities to further improve bilateral relations. Iranian Free Trade Zones have great potential for Pakistani businessmen and they should avail this opportunity through joint ventures, he added.
Iran and Pakistan have multi-functional and multi-aspect relations. Both countries should adopt new approach and should forward with fastest pace, he said. Though trade between the two countries is growing gradually but still it is below the potential, he added.
The Ambassador said that business organizations of both the countries should be given wake-up call so that they could play their due role in strengthening trade and economic ties between the two sides. Iranian Embassy and Consulate are always open for the Pakistani business community, he said. Iran can help fulfill energy demand of Pakistan. China Pakistan Economic Corridor is a big achievement that would also help reduce tension in this region, he added.
Speaking on the occasion, LCCI President Malik Tahir Javaid said that the bilateral trade has not reached its desired level which was promised during the visit of President Hassan Rouhani between the two countries and there is a dire need to close the communication gap among the business community on both sides.
"There are some bottlenecks in the way of increasing trade between two countries which are required to be addressed on priority basis. Such as establishment of banking channels is the need of the hour. If this is not possible in near future, LCCI recommends to have Barter Trade agreement and Currency Swap agreement just like we have recent understanding with China", he added.
He applauded the efforts of Iranian Ambassador for initiating direct flights from Lahore, Karachi and Islamabad to Tehran and Mashhad. He urged the Iranian Ambassador to bring forward the telecommunication companies from Iran, since the talk time from Pakistan with Iran cost almost 3 times as compared to other countries.
He said that both Pakistan and Iran have well developed seaports. There should be sufficient arrangements for direct shipping through Karachi and upcoming Gwadar port with Chahbahar and Bandar Abbas port.
This committee has proposed and discussed with Consulate to setup Commercial & Visa Facilitation Desk. The arrangements are already in hand which will be finalized shortly. He said that this desk is proposed to be connected with the commercial and visa sections of the Iranian Embassy /Consulates in Pakistan vis-à-vis Pakistan Embassy/Consulates in Iran, along with the esteemed chambers and the trade promotion bodies on both sides. "We look forward to the support and guidance of the Embassy and Consulate for this new initiative to make it a success for the business communities of both countries" he maintained.