President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei expressed satisfaction on Wednesday that the free trade agreement between Iran and Pakistan will be finalized soon.
Shafei, who is on a visit to Pakistan at the head of an Iranian private sector delegation, was speaking during a meeting with President of the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) Irfan Iqbal Sheikh.
Shafei also urged the need for forming a joint arbitration committee between the two neighboring countries and said that a memorandum of understanding (MoU) will be signed in this regard later today.
The Iran Chamber of Commerce president also said that the two countries plan to increase bilateral trade to $5 billion.
Forming a joint trade council will also be an exceptional opportunity, he said, calling on all those involved in Trade between Iran and Pakistan to become a member of this council.
Noting that the Iranian and Pakistani economies are complementary to each other, he said that Iran is one of the top energy suppliers which can help meet Pakistan’s increasing need for energy.
Shafei also referred to transit sector as one of the main areas for cooperation between Iran and Pakistan, adding that the two countries can launch a high-speed East-West corridor provided that the restrictions on electronic TIR and some other minor issues are removed.
He said that different common grounds, including religious interests and cultural proximity, have paved the way for both countries to make further investments to boost tourism cooperation.
In the meantime, Chairman of Pakistan-Iran trade relations at FPCCI, Najam Jawa, said that banking relations are the most obstacle hindering ties between Tehran and Islamabad.
Noting that there are many grounds for making joint investment, Jawa referred to Iran’s successful experience in investing in Pakistan’s ceramic and tile industry.
He also referred to limited forex resources of both Iran and Pakistan, proposing trade between the two countries to be carried out in national currencies.
Iran should also invest in Pakistan’s food industry, he said, adding that Chinese and Turkish businesspeople are making investments in this area while Iran has done nothing in this regard.