Iran paving way for boosting trade with Pakistan

In an interview with IRNA, Zubair Tufail said that signing of Banking and Payment Arrangement (BPA) between central banks of Iran and Pakistan which recently occurred in Tehran, is a big achievement and it is just one of the outcomes of the JCPOA (the nuclear agreement signed between Iran and P5+1).

He added that lack of banking channel was the major reason behind low Pakistan-Iran trade volumes.

The top businessman noted that the removal of sanctions from Iran would also help boosting the trade between Iran and Pakistan.

FPCCI president went on to say that the current Iranian government followed a very good economic policy which helped in boosting the economy of Iran and its trade with other countries.

Zubair Tufail added that within one year the trade between Iran and Pakistan would cross the $2 billion mark which is right now standing at just below $500 million.

The FPCCI president said according to the agreement the two central banks will nominate banks for undertaking trade transactions with Iran.

'I expect that by mid-May direct business will start between the two countries,' he said.

The FPCCI president said that people of Pakistan know the industry of Iran very well so the Pakistani businessmen are ready to import those products which are required in Pakistan and in return they can export rice and textile products to Iran.

He was of the view that next government of Iran will also take steps to improve economic ties with Iran because there is s lot of potential to expand the trade volume.

Zubair Tufail said that Iran and Pakistan have huge capacities to enhance bilateral trade.

“Regarding trade ties with Pakistan, future governments of Iran should also follow the current rout if they are interested in boosting trade with Pakistan.”

Source: Irna