Pakistan and Iran To Ink Free Trade Agreement Soon

Both sides agreed to further strengthen bilateral trade between the two countries by signing a free trade agreement (FTA).

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The Challenges and Inconsistencies of the Iran-Pakistan RelationshipThe Iranian Consul General in Peshawar, Hamid Reza Ghomi, said on Wednesday that efforts were initiated to sign a free trade agreement between Pakistan and Iran.

Addressing businesspeople at the Sarhad Chamber of Commerce & Industry, Ghomi said that Iran wanted to boost bilateral trade and economic relations with Pakistan to strengthen the regional economy.

Sarhad Chamber of Commerce & Industry (SCCI) Peshawar

 

The Iranian diplomat said that despite the Covid-19 pandemic, the Iranian consulate facilitated Pakistani businessmen and issued visas to them within a short period.

He lauded the efforts made by the Pakistani ambassador in Iran, saying he played a vital role in increasing trade volume between the two countries.

He added that the Iranian ambassador in Pakistan would soon visit Peshawar to meet with the businessmen and understand their problems.

The envoy asked the Peshawar-based businesspeople to cement trade relations with the Mashhad Chamber of Commerce & Industry to benefit from each other’s experience and boost trade activities between the countries.

The meeting was also attended by the Vice President of the Sialkot Chamber of Commerce and Industry (SCCI), Engineer Manzoor Elahi, the Iranian Second Consul, Seyed Ebrahim Dehnadi, and other officials of the Iranian Consulate in Peshawar.

The businesspeople, led by the President of the Sarhad Chamber of Commerce & Industry President, Sherbaz Bilour, discussed several issues for improving the bilateral trade volume with the envoy.

Both sides agreed to further strengthen bilateral trade between the two countries by signing a free trade agreement (FTA).

Likewise, the countries agreed to install an effective banking channel, establish markets at the border region, eliminate illegal trade, exchange business delegations, and organize joint trade exhibitions.

It was also agreed that a webinar between the SCCI and Mashhad Chamber of Commerce & Industry would be organized after Eid-ul Fitr to exchange views.

Bilour invited the Iranian business people to invest in Khyber Pakhtunkhwa in hydel power generation, marble, mining, match, furniture, honey, gems, and other sectors.

He said that the promotion of regional trade was the need of the hour.

“There’s huge potential to boost further trade between Pakistan and Iran, which currently stands at $359 million,” said Bilour.

He called upon Islamabad and Tehran to take serious initiatives to remove hurdles to bilateral trade.

He said that Iran should take benefits from China-Pakistan Economic Corridor (CPEC) projects.

He said that youth could play a pivotal role in bolstering mutual relationships between the two fraternal Islamic countries.

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