Iran’s Trade Promotion Organization (TPO) announced on Saturday that the imports of all commodities listed under an Iran-Pakistan preferential trade agreement have been allowed by the government.
In late November, the Iranian Industry, Mining and Trade Ministry had got the government’s approval for allowing the import of some products exclusively shipped from Pakistan under the framework of the preferential trade agreement between the two countries.
Now, Iranian importers have been allowed to register import application forms for all products that were previously on the Islamic Republic of Iran Customs Administration's (IRICA) import ban list, provided that the source of the commodities is Pakistan.
Tehran and Islamabad have been taking new measures for broadening economic ties as the Iranian government is promoting economic diplomacy in the region.
Back in October, Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) and the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) signed three memorandums of understanding (MOU) with the aim of expanding trade between the private sectors of the two countries.
The MOUs were signed during a visit of an Iranian private sector delegation headed by ICCIMA Head Gholam-Hossein Shafei to the Pakistani cities of Karachi and Lahore.
Based on the signed memorandums, the two sides agreed to strengthen comprehensive cooperation between the private sectors of the two countries, to establish a joint trade council of Iran and Pakistan, and to determine a mechanism to resolve trade disputes.
During their visit to Pakistan, the Iranian delegates also attended a meeting with officials from the State Bank of Pakistan (the country’s central bank) in which the two sides discussed details of a barter trade mechanism between the two countries.
After the trip of the Iranian trade delegation to Pakistan, TPO and the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) also signed an MOU to pursue and develop free trade with Pakistan.
Speaking at the signing ceremony, TPO Head Alireza Peyman-Pak mentioned Pakistan as one of TPO’s priority markets for enhancing the country's business plans and emphasized that establishing direct transit as well as creating a financial and banking mechanism between Karachi and Tehran are two key axes in the development of business relations with this country.
Also, TCCIMA Head Masoud Khansari, in his speech, underlined the TCCIMA plans and actions in recent years to develop the economic relations of Iranian companies with neighboring countries and expressed the chamber’s full readiness to cooperate with TPO in order to develop exports to Pakistan.