Jul 5, 2019, 6:42 PM
Journalist ID: 2053
News Code: 83382418
1 Persons
Economies of Iran, Pakistan complement each other: Minister

Islamabad, July 5, IRNA -- Iran’s Minister of Industry, Mining and Trade says economies of Iran and Pakistan complement each other and enhanced trade ties would benefit the people of the two brotherly states.

Reza Rahmani said this while heading an Iranian delegation at a meeting with representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here on Friday.

He hailed the recent visit of Pakistani Prime Minister Imran Khan to Iran as a successful one. He said both countries during the visit agreed upon joint projects which will bring prosperity for the people of both Iran and Pakistan.

He observed that Iran and Pakistan are taking measures to enhance their trade ties. He said that current trade volume of trade between Iran and Pakistan is US $1.3 billion which can be further enhanced.  He added that bilateral trade has increased to 19 percent as compared to previous year.

The minister said economies of Iran and Pakistan complement each other. He said enhanced trade between Iran and Pakistan would benefit the people of the two brotherly states.

“Pakistani products are Iran's priority and we intend to cater our needs from Pakistan,” said Rahmani.

He added currently, the major trade items are edible products and medicine. He emphasized on the diversification of the trade goods. Rahmani conveyed that Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei foresaw long-term relations between Pakistan and Iran.

He added that both countries have agreed to form a committee to resolve the issues in bilateral trade.

The minister said that Pakistan should take advantage of Iran-Pakistan gas pipeline project and complete its portion of the project as early as possible.

President of FPCCI Daru Khan Achakzai on the occasion said that Iran and Pakistan are deeply rooted in history and heritage, common culture and shared traditions.  He added that geographical proximity linking their security interests, gives added depth and meaning to bilateral ties.  

“Despite issues, Pakistan is playing a crucial role to facilitate Iranian trade through negotiation on various modes of transitions,” he said.

He said Iran and Pakistan have implemented Preferential Trade Agreement (PTA) in 2006, wherein concession in import and duties has been granted on about 647 items by both sides on reciprocal basis.

Daru Khan Achakzai said total trade between Iran and Pakistan is around US $ 1.3 billion.

The businessman went on to say that new items should be included in the PTA and both countries should enhance trade promotion activities under the existing PTA.  

He said weak banking connection between Iran and Pakistan is a major hurdle in bilateral trade. “Both countries have agreed to open bank branches and currency swap to promote trade but issues are still inclusive,” he noted.

He stressed that there should be no embargo on Iran-Pakistan trade as other countries in the world are also engaged in trade with Iran.

Ambassador of Iran to Pakistan Mehdi Honardoost in his views said there are so many commonalities between Iran and Pakistan. He said that both countries should try their best to enhance bilateral trade. “Trade is a tangible side of bilateral ties,” the envoy said.

He was of the view that current trade level of Iran and Pakistan is quite low from its actual potential. He added that Iran is willing to enhance trade with Pakistan.

Members of the Iranian delegation said that Iran and Pakistan must resume banking channel as soon as possible to enhance the trade. They called for regular interactions between the business communities of Iran and Pakistan.

The Iranian delegation said Iran is willing to enhance its trade with Pakistan and wants to solve all issues with the country in bilateral trade.

They said Iran is interested to have a free trade agreement with Pakistan.  

Pakistani traders, highlighting the problems in bilateral trade, stressed the early resumption of Iran and Pakistan banking ties. They urged the Iranian government to facilitate Pakistani traders by relaxing some rules and regulations.

They said that is great opportunity available to boost Iran-Pakistan trade.  They called for opening of more border points to facilitate the trade.


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