Islamabad: Iran and Pakistan have great leeway to improve mutual trade relations and should consider establishing digital markets to expand bilateral trade to the potential of both countries.
This was stated by Ambassador of Iran Syed Mohammad Ali Hosseini during his visit to the Islamabad Chamber of Commerce and Industry (ICCI) with the business community along with Qadyanlo, commercial attaché and Beheshti secretary, said a press release published here.
Hosseini said that pre-Covid-19 bilateral trade between Iran and Pakistan was around $ 1.5 billion, which has now fallen to less than $ 1 billion. He said foreign sanctions against Iran were a problem for trade promotion, so establishing Pakistani digital markets and common frontier markets might be the better option to improve the volume of trade in both directions.
Hosseini said Iran and Pakistan have agreed to set up three border crossing points that would help increase bilateral trade. However, he said that reliefs and exemptions by the Pakistani government for frontier markets would help the Pakistani business community to further improve trade with Iranian counterparts.
The Iranian envoy said the lack of better connections between the private sectors of Iran and Pakistan was one of the factors behind the low volume of trade and stressed the need for close cooperation between the Iranian-Pakistani chambers of commerce to build strong business ties between the private sectors of the two countries .
He also stressed the need to exchange trade delegations to promote trade and assured that the Iranian embassy was ready to help bring more Pakistani products to the Iranian market.
On that occasion, ICCI President Sardar Yasir Ilyas Khan said that many Pakistani products, including pharmaceuticals, textiles, fruits, pink salt, IT products and services, surgical instruments, leather products, steel and tubing, plumbing and tableware, have a good market in Iran could be found at low cost.