Iran-Pakistan transactions hit $2 bn

TEHRAN, Feb. 28 (MNA) – Iran’s Consul General Hassan Nourian has said that bilateral trade between Pakistan and Iran has reached $2 billion in the last 10 months, while the target was set at $5 billion.

“However, due to the absence of a banking channel, trade activities have faced difficulties,” he said during his visit to the Korangi Association of Trade and Industry, The News reported.

KATI President Faraz-ur-Rehman, Deputy Patron-in-Chief Zubair Chhaya, Senior Vice President Nighat Awan, former presidents Farukh Mazhar, Shaikh Fazal-e-Jalil, and First Consul of Iran Masoud Kian Bakhsh, among others, participated in the event.

Iranian consul general further said that the visa policy has been relaxed and six new border markets have been established to promote trade with Pakistan. 

“Progress is also being made in barter trade and in this regard, all the preparations are complete on Iran’s side, while on Pakistan's side, the Federal Board of Revenue is developing software that will make barter trade possible,” he added.

Nourian noted that there are friendly and brotherly relations between Pakistan and Iran, but unfortunately trade between the two countries has not developed as it should have. He said that all obstacles to the free trade agreement between the two countries have been removed, after which trade in 600 products would be possible between Iran and Pakistan.

He said that the trade delegation of Iran had a successful visit recently after which a memorandum of understanding was signed with the Trade Development Authority of Pakistan.

The Iranian CG said that under the agreement with Pakistan, the National Logistics Cell has been allowed to access the European market through Iran.

Earlier, KATI President Faraz-ur-Rehman said, “We are happy that several agreements have been concluded with the Iranian trade delegation. However, due to the global crisis, there has been a big difference in trade.”

Faraz-ur-Rehman said the absence of a banking channel was a major hurdle that needed to be solved urgently.

The KATI president said the shortage of petroleum products and gas in Pakistan could be met by Iran. 

“There is a need to promote barter trade between the two countries,” he added. 

Recently, Iran's Solo Exhibition increased awareness about Iranian products.

However, the KATI president said Iranian products were already being used frequently in other parts of the country, including Balochistan.


News Code 197933


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