Boosting Pakistan Iran Trade

A Trade delegation from Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) recently visited Pakistan to discuss strengthening trade ties between the two countries.

In a meeting with their Pakistani counterparts, the Iranian delegation expressed concerns over the low level of trade between the two countries and suggested taking measures like holding exhibitions, exchanging business delegations and the use of non-bank channels for money transfers, for boosting trade between the two nations.

The delegation, Led by TCCIMA Head Masoud Khansari also visited Federation of Pakistan Chambers of Commerce & Industry (FPCCI). Mian Anjum Nisar, President, FPCCI said the level of economic relations between the two countries was insufficient keeping in view the existing capacities and cultural closeness between the two sides.

“Although the two countries have signed a preferential trade agreement a few years ago, none of them has used this opportunity properly,” Nisar regretted.

There are growing realization that the US sanctions against Iran are a major part of the obstacles to the development of economic cooperation between the two countries, and both sides need to take serious measures to resolve this issue. 

During the visit to Pakistan, the Iranian delegation also met with Arif Ahmed Khan, Chief Executive, Trade Development Authority of Pakistan (TDAP) in Karachi.

In the meeting, the two sides emphasized the need to use solutions such as the preferential trade agreement, free trade agreement, and removing customs barriers for boosting trade relations between the two countries. 

Speaking on this occasion, the head of the Tehran chamber pointed out some of the obstacles in the development of economic cooperation between the two countries. Annual trade between Iran and Pakistan is as paltry as US$1.5 billion. 

Ahmad Khan noted that both Iranian and Pakistani authorities should realize that the development of trans-regional trade is subject to a boom in regional trade. Therefore, the two countries must take operational steps to improve trade relations.