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KARACHI: Pakistan and Iran are expected to introduce banking channel and make arrangements for currency swap to enhance Pak-Iran bilateral trade.
Karachi Chamber of Commerce and Industry (KCCI) President Mian Abrar Ahmad while talking to Mashhad Mayor Syed Muhammad Pejman, asserted upon the need to take measures such as economic integration and reduction in transaction costs, port-to-port activities and customs mechanism to expand the volume of bilateral trade.
He urged to activate and develop regional trading block of ECO countries, particularly between Pakistan, Iran and Turkey.
He proposed the trade between Pakistan and Iran should be permitted in local currencies instead of dollars and the trade through railways and road be regularised.
Pakistan has been severely discriminated by West and as energy-hungry country we should not accept any dictation on Iran-Pakistan-India gas pipeline project, which was burning need for our country to overcome the energy crisis and for industrialisation.
The status of $7.5 billion Iran-Pakistan-India (IPI) Gas Pipeline can enhance the economic relationship with Iran.
To enhance bilateral economic and commercial cooperation, he voiced to establish banking channel as the business transactions between Iran and Pakistan was routed through Asian Clearing Union which was more time-consuming than a normal letter of credit (LC), while opening a LC through Irans sister companies in Dubai also adds to cost.
He appreciated the Pak-Iran trade during last half decade increased from $389 million to $1.2 billion however, it was not aligned with the real existing trade potential.
He emphasised to deepen the existing Preferential Trade Agreement to be followed by Free Trade Agreement.
He said Iran could export to Central Asian Republics, China and India via Pakistan.
He said the biased policies of USA and West never allowed economic independence to Pakistan as allowed to other countries in the region.
He said Pakistan was facing Non-Tariff Barriers to export in terms of restricted market access and un-liberalise business visa regime from West. Muhammad Pejman said Pak-Iran were already belated to strengthen the trade ties and should attach importance to each other and increase bilateral trade.
He said private sectors of both brother bordering countries could play vital role to develop the relationship.
Holding exhibitions and exchanging trade delegations were crucial besides identifying potential opportunities in livestock, agriculture and mining are vital. Iran requires import livestock from Pakistan, which is presently imported from Brazil. He voiced Pakistan may import adequate electricity alone from Iran to overcome its energy crises.
Daily Times - Leading News Resource of Pakistan
Karachi Chamber of Commerce and Industry (KCCI) President Mian Abrar Ahmad while talking to Mashhad Mayor Syed Muhammad Pejman, asserted upon the need to take measures such as economic integration and reduction in transaction costs, port-to-port activities and customs mechanism to expand the volume of bilateral trade.
He urged to activate and develop regional trading block of ECO countries, particularly between Pakistan, Iran and Turkey.
He proposed the trade between Pakistan and Iran should be permitted in local currencies instead of dollars and the trade through railways and road be regularised.
Pakistan has been severely discriminated by West and as energy-hungry country we should not accept any dictation on Iran-Pakistan-India gas pipeline project, which was burning need for our country to overcome the energy crisis and for industrialisation.
The status of $7.5 billion Iran-Pakistan-India (IPI) Gas Pipeline can enhance the economic relationship with Iran.
To enhance bilateral economic and commercial cooperation, he voiced to establish banking channel as the business transactions between Iran and Pakistan was routed through Asian Clearing Union which was more time-consuming than a normal letter of credit (LC), while opening a LC through Irans sister companies in Dubai also adds to cost.
He appreciated the Pak-Iran trade during last half decade increased from $389 million to $1.2 billion however, it was not aligned with the real existing trade potential.
He emphasised to deepen the existing Preferential Trade Agreement to be followed by Free Trade Agreement.
He said Iran could export to Central Asian Republics, China and India via Pakistan.
He said the biased policies of USA and West never allowed economic independence to Pakistan as allowed to other countries in the region.
He said Pakistan was facing Non-Tariff Barriers to export in terms of restricted market access and un-liberalise business visa regime from West. Muhammad Pejman said Pak-Iran were already belated to strengthen the trade ties and should attach importance to each other and increase bilateral trade.
He said private sectors of both brother bordering countries could play vital role to develop the relationship.
Holding exhibitions and exchanging trade delegations were crucial besides identifying potential opportunities in livestock, agriculture and mining are vital. Iran requires import livestock from Pakistan, which is presently imported from Brazil. He voiced Pakistan may import adequate electricity alone from Iran to overcome its energy crises.
Daily Times - Leading News Resource of Pakistan
