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Pak-Iran enter new era of bilateral trade, economic ties

ISLAMABAD: President Industrial Area Association (IIAA) Faridoon Khattak on Sunday said Pakistan and Iran have embarked on promoting and boosting bilateral trade and economic relations.

He said Pakistan-Iran strategic cooperation will also give impetus to the economy of entire region. He also welcomed the signing of MoU on Five-Year Strategic Trade Cooperation Plan between Pakistan and Iran, according to a Press Release.

He said it would facilitate trade and people-to-people contacts between the brotherly Islamic countries. He said the bilateral trade volume up to five billion dollars in next five years, would ultimately enhance business-to-business contacts.

He stressed to give highest priority to bilateral trade and said the private sector of both the countries should move forward to promote business and trade relations.

He said Pakistan should also arrange an exhibition in Iran to promote bilateral trade. He said Pakistan’s economy had improved during the current government’ tenure and added Iran could also take advantage of this rapidly growing economy.

He said that the bilateral trade was confined to limited items as Pakistan mostly imported oil and gas from Iran and exported rice and meat to Iran.

He said Pakistan could export many products to Iran including fruits, textiles, surgical items, sports goods, gems and jewelry. Both countries may opt for joint investments in agro-food processing and infrastructure, particularly in the field of establishing effective rail, air, road and sea links to improve trade relations, he added.

He said trade through Gwadar Port and Chahbahar Port would be beneficial for both countries and added urgent steps be taken to promote this route.

He hoped that visits of leadership of both countries will bring about improvement in bilateral economic and trade relations. APP