Pakistan and Iran well positioned to boost trade

Pakistan and Iran are currently in the best position to extend economic cooperation and should take full advantage of the prevailing situation, remarked Iranian Consul General Mehran Movahedfar during his address at the Lahore Chamber of Commerce and Industry (LCCI).

The consul general stressed that LCCI and the Iranian Consulate enjoy cordial relations and expressed hope that those ties would be further strengthened. He mentioned that relations between Iran and Pakistan "are currently excellent" as during the past two years, two Iranian presidents visited Pakistan and foreign ministers of the two sides made multiple trips.

The envoy recalled that when Iranian President Masoud Pezeshkian arrived in Pakistan, both countries signed 12 memoranda of understanding (MoUs), of which 11 were related to trade and commerce.

In the past year, Iran imported 400 tons of rice, 30,000 tons of meat, 200,000 tons of maize and animal feed, along with various other agricultural products from Pakistan. Iran intends to shore up bilateral trade to $10 billion, where LCCI could play a key role in achieving the target, he said.

The consul general extended an invitation to LCCI President Faheemur Rehman Saigol to participate along with a delegation of the chamber in the Tehran Expo in January, which the president accepted.

In his remarks, LCCI President Saigol said Pakistan and Iran are not only good neighbours but also share deep religious, historical and cultural bonds. He emphasised that the Lahore Chamber highly values the strong diplomatic relations between the two countries and seeks to transform them into robust trade and economic partnerships.

He cited the SRO 642 issued by Pakistan's government on June 1, 2023, which paved the way for border trade with Iran. Recently, Pakistan amended trade procedures with Iran, Russia and Afghanistan, extending the transaction period to 120 days – a step expected to make border trade more practical and business-friendly.