Iran’s share of Pakistan’s imports should rise from its current level of around 3%, the president of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) said, calling for deeper trade ties between the two neighbors.
Samad Hassanzadeh, addressing a conference on Iran-Pakistan trade opportunities, said Pakistan represented one of the region’s key strategic markets, with annual imports estimated at $70 billion. He highlighted the huge potential for expanding commercial cooperation between Tehran and Islamabad.
Hassanzadeh referred to dispatching trade delegations, holding joint exhibitions and upgrading the existing preferential trade agreement to a free trade arrangement as measures which he believed could cut tariff barriers, improve competitiveness of Iranian goods and stabilize bilateral trade.
He said recent joint diplomatic efforts had produced positive results, citing Pakistan’s acceptance of a free trade negotiation framework, adjustments in base prices for items such as building materials, and lower tariffs on imports including infant formula, steel sheets and detergent powder.
“The ICCIMA is ready, with the support of executive bodies, to help realize these goals and unlock the latent potential of Iran-Pakistan relations for a brighter regional economic future,” Hassanzadeh said.