FPCCI stresses on trade ties with Iran
Iran commercial attaché says lack of banking channels major hurdle
Iran commercial attaché says lack of banking channels major hurdle. PHOTO: FILE
KARACHI:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on Horticulture & Agriculture Produce Chairman Ahmad Jawad has said Pakistan and Iran should take concrete steps to facilitate trade and take advantage of being strategic neighbours.
Talking to Commercial Attaché of the Embassy of Iran Mostafa Razavi Zadeh, Jawad said the FPCCI places great importance to Iran and its business community. “We have immense potential to increase trade volumes between the two countries,” said Jawad. “It’s time trade barriers are removed, so that collectively we can become a strong economic bloc in the region.” For this, both sides may implement a preferential trade agreement (PTA) in letter and spirit which was signed in 2006, said Jawad.
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According to the PTA, Iran was given tariff concessions on 309 tariff lines while Pakistan was offered concessions on 338. Major sectors covered under the PTA were rice, fruits, cotton, cotton yarn, pharmaceutical products and cutlery.
“We understand that some confusion is still there which hampers bilateral trade, but we should also understand that the Pak Iran Gas Pipeline project and trade issues are two different subjects,” said Jawad.
Meanwhile, Mostafa appreciated the vision and said FPCCI’s involvement in this issue will definitely help overcome trade barriers. “Pakistan has a rich potential in agriculture products and we are keen to trade in it, but unavailability of banking channels was a major hurdle.”
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Mostafa said that the Iran Central Bank is ready to establish proper banking channels with Pakistan. The launch of HBL in Iran will be a good initiative to promote banking relationships.
Pakistan’s exports to Iran fell to $43 million in 2014 from $182 million in 2010. Iranian imports fell to $186 million in 2014 from $884 million in 2010.
However, in April 2015, Pakistan and Iran decided to prepare a five-year plan to enhance bilateral trade to the tune of $5 billion. The visiting delegation will also discuss expansion of PTA.
Published in The Express Tribune, December 3rd, 2015.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on Horticulture & Agriculture Produce Chairman Ahmad Jawad has said Pakistan and Iran should take concrete steps to facilitate trade and take advantage of being strategic neighbours.
Talking to Commercial Attaché of the Embassy of Iran Mostafa Razavi Zadeh, Jawad said the FPCCI places great importance to Iran and its business community. “We have immense potential to increase trade volumes between the two countries,” said Jawad. “It’s time trade barriers are removed, so that collectively we can become a strong economic bloc in the region.” For this, both sides may implement a preferential trade agreement (PTA) in letter and spirit which was signed in 2006, said Jawad.
Pakistan, Russia: Chambers assess business potential
According to the PTA, Iran was given tariff concessions on 309 tariff lines while Pakistan was offered concessions on 338. Major sectors covered under the PTA were rice, fruits, cotton, cotton yarn, pharmaceutical products and cutlery.
“We understand that some confusion is still there which hampers bilateral trade, but we should also understand that the Pak Iran Gas Pipeline project and trade issues are two different subjects,” said Jawad.
Meanwhile, Mostafa appreciated the vision and said FPCCI’s involvement in this issue will definitely help overcome trade barriers. “Pakistan has a rich potential in agriculture products and we are keen to trade in it, but unavailability of banking channels was a major hurdle.”
Exporters’ woes: FPCCI, TDAP officials to meet premier
Mostafa said that the Iran Central Bank is ready to establish proper banking channels with Pakistan. The launch of HBL in Iran will be a good initiative to promote banking relationships.
Pakistan’s exports to Iran fell to $43 million in 2014 from $182 million in 2010. Iranian imports fell to $186 million in 2014 from $884 million in 2010.
However, in April 2015, Pakistan and Iran decided to prepare a five-year plan to enhance bilateral trade to the tune of $5 billion. The visiting delegation will also discuss expansion of PTA.
Published in The Express Tribune, December 3rd, 2015.