Pakistan should consider setting up digital markets with Iran to boost trade volume between the two countries, said Iranian Ambassador Mohammad Ali Hosseini.
Interacting with the business community on Tuesday, the envoy emphasised that the establishment of digital and joint border markets could be an excellent option to improve the bilateral trade volume.
He recalled that Pakistan had earlier agreed to create three border crossing points in a bid to enhance two-way trade.
Terming international sanctions on Iran a problem in the way of trade promotion, the envoy lamented that trade between the two sides had dropped from around $1.5 billion to below $1 billion due to the Covid-19 pandemic.
He underscored the need for strengthening cooperation between private sectors of the two countries and pointed out that the lack of connectivity was hampering the trade volume.
“Through the TIR convention, Pakistan can export to Russia and other regional countries via Iran,” Hosseini said.
He assured the business community of complete support from his embassy for introducing a higher number of Pakistani products in Iran.
Speaking on the occasion, Islamabad Chamber of Commerce and Industry President Sardar Yasir Ilyas Khan regretted that bilateral trade between the neighbouring countries was much lower than the actual potential.
“Both governments should cooperate with the private sector to boost the trade volume,” he suggested.
Khan said that Pakistan could export various products to Iran including pharmaceuticals, textiles, fruits, pink salt, IT products and services, surgical instruments, leather products, steel and pipes, sanitary products and crockery.
“Investors from Iran should explore joint venture and investment opportunities in the Special Economic Zones being established in Pakistan,” he said.
“Pakistan has reduced duties on the tourism industry,” he said and urged Iranian entrepreneurs to take advantage of the incentives by developing close liaison with the tourism sector.
Trade fairs, chamber-level virtual meetings during Covid-19 and exchange of students between the two countries would be helpful in strengthening trade and economic relations, he said.
ICCI Senior Vice President Fatma Azim and other office-bearers also attended the meeting and gave recommendations for ramping up bilateral trade.
Published in The Express Tribune, September 15th, 2021.
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