Pak, Iran $5bn trade target very much achievable: Pak trade activist

Islamabad, Aug 8, IRNA — Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly believes that target of $5 billion bilateral trade between Iran and Pakistan is very much achievable.

In an interview with IRNA, Mian Shaukat Masud said that this year has witnessed a boost in the bilateral trade activities and both countries in future would be able to achieve the set target of $5 billion.

“I am very hopeful that relations between the two countries will improve in future,” he said.

He added that Pakistan-Iran joint business council had met for the fourth time in Islamabad and discussed ways to promote the bilateral trade ties. “It is heartening to see that Ambassador of Iran to Pakistan Mehdi Honardoost also attended the meeting,” he said.

“We feel that such meetings can always help to promote business and we have chalked out plan to have next meeting in Iran. FPCCI is planning to take a trade delegation to Iran very soon,” he said.

The businessman added that it is very important to develop strong relations between the two countries and we feel the time has come for that.

“The China-Pakistan Economic Corridor (CPEC) projects are coming and with road coming from China to Gwadar port of Pakistan can help promote trade relations between Gwadar and Chabahar, so these two ports can become twin sister ports and lot of business activity can be generated between the two countries and that is how we can develop more relations with Iran,” he noted.

Mian Shaukat Masud was of the view that resumption of banking channel is very important to enhance trade ties between Iran and Pakistan.

“We need to establish one bank from Iran in Pakistan and one bank from Pakistan in Iran so that business could be developed,” he said.

He added, 'Iran is our neighbor and we can export so many things including agricultural products and import many products produced by Iran. “I am very much hopeful that trade ties between the two countries would be further enhanced,” said the Pakistani businessman.

Iran and Pakistan have agreed to increase annual trade volume to $5 billion by 2021. In a major development after the JCPOA, the central banks of the two countries have signed an agreement to resume the banking channel.

Last year volume of trade between Iran and Pakistan increased to more than $1 billion which shows a growing trend after the JCPOA.