An eight-member trade delegation from Iran, during visit to Karachi Chamber of Commerce and Industry (KCCI) on Saturday, expressed keen interest to improve trade ties with the Pakistani business community.
The delegation led by Managing Director of Milad-e-Noor Ali Mohtassham Amiri, held business meeting with President KCCI Agha Shahab Ahmed Khan, Senior Vice President Arshad Islam, Vice President Shahid Ismail, Former President Haroon Agar and KCCI Managing Committee members.
Managing Director of Milad-e-Noor Ali Mohtassham Amiri stated that they were intending to improve trade ties with Pakistan as potential exists for making Pakistan and Iran a powerful business partner.
There are some hurduls which cause downfall in trade and another main reason in enstability in peace around the region.
He pointed out that the bilateral trade between Pakistan and Iran was much less than the potential as Pakistan exports stood at a mere $330.2 million while the imports were around $1.247 billion during 2018
Agha Shahab noted that the negotiations on Free Trade Agreement (FTA) are underway as both the countries have shared their desire of upgrading Preferential Trade Agreement (PTA) into Free Trade Agreement (FTA) for which initial drafts have already been shared while the State Bank of Pakistan has also shared draft of Memorandum of Understanding (MoU) for signing its Banking Paying Arrangement (BPA) with Iran’s Iranian Bank Markazi Jomhouri.
Both countries have already signed MoU through which channels would be opened in the central banks of both the countries for trade transactions that would reduce the usage of dollar account for Letter of Credit (LC) clearance.
He hoped that the desperately needed proper banking channel between Pakistan and Iran becomes a reality soon which would surely boost the existing trade ties.
Agha Shahab stressed the need to sort out infrastructural constraints to enhance bilateral trade via Quetta-Taftan land route whereas regular operation of ECO container train will lend impetus to cargo and transit facilities between the two countries.