Seminar to address trade issues with Iran

Will be held in Karachi next week, commerce ministry hopes of trade revival

ISLAMABAD: The Ministry of Commerce will organise a seminar in Karachi next week in a bid to apprise the business community of various trade opportunities that exist with Iran after most sanctions on the country were lifted following a nuclear deal.

The seminar was finalised after the Foreign Office and State Bank of Pakistan (SBP) issued formal Statutory Regulatory Orders (SROs) about repealing the previous ones referring to the ban on financial transactions with Iranian banks, financial institutions and companies.

The seminar will be attended by officials of foreign office, SBP and Trade Development Authority of Pakistan (TDAP) to address questions about trade and investment opportunities with Iran.

The SROs issued in the last week of February paved the way for the business community to formally resume trade with the neighbouring country, which had stopped under the international sanctions.

The SBP has communicated to the banks that the previous sanctions have been removed and business activity can commence within the scope of the United Nations Security Council (UNSC) resolution.

It also asks banks and financial institutions to remain cautious as certain restrictions are still in place.  Regarding the issues about export of agriculture products, the government has decide to send a delegation, led by the food security and research minister, to Iran, since the agriculture ministry of Iran is creating hurdles for its exporters.

Ministry of Commerce Senior Officer Robina Akhtar said, “Our key exports to Iran are agriculture commodities and there are certain issues from their side which will be taken up with the concerned authorities.

Published in The Express Tribune, March 6^th, 2016.

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