Karachi: Morad Nemati, leader of the trade delegation of the Tehran Chamber of Commerce, Industry, Mining and Agriculture (TCCIMA), said that although there is a preferential trade agreement (PTA) between Iran and Pakistan, existing trade volume To further improve, Iran and Pakistan should conclude a free trade agreement (FTA) as soon as possible as this important deal has been on hold for so long.
“You, the business community of the Karachi Chamber of Commerce, urge the government to give final form to the facilitation of an Iran-Pakistan FTA and the potential for much improved trade between the two brothers. should,” he said. Meeting during the Iranian delegation’s visit to the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday.
KCCI Senior Vice President Touseef Ahmed, Vice President KCCI Haris Agar, Former Vice President Qazi Zahid Hussain and members of KCCI Standing Committee attended the meeting. A delegation was present. Tehran Tile Association Sammy, Tehran Tile Association Najifi Vice President, Iran Construction Association member Shahryar Shahryari.
Morad Nemati further emphasized the need for collective efforts to remove trade barriers and focus on reducing the gaps between business communities that have been a major problem hindering trade and investment cooperation. I emphasized that there is “In addition to removing trade barriers, both sides must further promote bartering with the aim of strengthening existing trade ties.”
“Strengthening trade and investment ties with Karachi’s business community is of great importance to us. A national exhibition is currently underway at the Expo Center,” he said, inviting the Karachi Chamber of Commerce to send a trade delegation to Iran to explore ways to cooperate in trade and investment. He said Iran’s dairy industry, construction sector, and other important economic sectors are experiencing significant growth, and the business communities of both countries are embracing this by considering the possibility of joint ventures in these sectors. I said I could take advantage of the situation.
Earlier, while welcoming the Iranian delegation, KCCI senior vice president Touseef Ahmed said trade between the two countries fell below the US$5 billion potential despite the great brotherhood. .
He said it was time to upgrade the existing Pakistan-Iran Preferential Trade Agreement (PTA) to an FTA to revive Pakistan-Iran bilateral trade to the next level and develop deep financial and economic cooperation. rice field. “The existing barter trade basket also needs to be expanded to other products to facilitate imports and exports between the two countries and further deepen economic integration between Pakistan and Iran,” he added.
He said the consensus reached by the Pakistan-Iranian Joint Trade Commission to ensure the gradual implementation of border markets and investor access to special economic zones would not only strengthen cross-border economic cooperation, but also The view was that it would discourage illegal border trade. Then improve formal trade between the two countries.
He said the lack of payment mechanisms is a major stumbling block. Both countries should therefore explore other viable payment mechanisms such as local currencies. “Pakistan-Iran gas pipeline projects should also be prioritized to expand economic ties.”
Speaking on the occasion, KCCI vice president Harris Agger also said the business community was unable to send and receive direct payments due to the lack of banking channels, resulting in a significant increase in existing trade volumes between the two brother countries. emphasized the need to have interbank banking channels. It severely impedes trade. “The sky will be the limit if a banking channel is introduced, so both countries need to pay serious attention,” he added.
Copyright Business Recorder, 2023
