Irab, Pakistan to expand trade ties

(Tuesday, March 3, 2020) 11:15

An Iranian business delegation, headed by President of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA),Masood Khansari traveled to Pakistan for four-day visit is scheduled to conclude on Thursday TCCIMA’s public relations reported.

Members of the Tehran Chamber of Commerce negotiate with their counterparts in the Federation of Pakistani Chambers of Commerce, pointing to the low level of trade relations and the numerous barriers to the development of these interactions emphasized  the use of tools such as exhibitions, business delegations as well as the use of non-banking channels for Money transfer.

 

The president of the Pakistan Chamber of Commerce, in this meeting, considered the level of economic relations between the two countries insufficient compared to the existing capacities and partnerships between the two sides. Bothe countries did not use the opportunity Mian Anjam Nisar said. Pointing to unfair US sanctions again Iran resulted to banking barriers between bilateral trade barter trade is the best way to bypass the barriers he added.

 

 Speaking at the meeting, TCCIMA chairperson said Iran and Pakistan economies complement each other so by using the tools such as barter trade and non-banking channels we would be able to low sanctions pressure. For example, ran by using these tools Iran could increase its trade ties with Turkey, UAE and Iraq. Nowadays, the possibility of money exchanges between Iranian businessmen and women with their counterparts in Turkey, UAE and Iraq has been provided through non-bank channels which have had a great role in improving trade relations with these countries. He added that Pakistan's private sector, which is also very powerful, could demand the creation of new mechanisms for money exchange with Iran from the government.

 

Reports say Iran exported 2.26 million tons of commodities worth $867 million to Pakistan during the nine months to Dec. 21, 2019, to register a 20% rise in tonnage and a 3% decline in value compared with last year’s corresponding period.

Pakistan had a 2.7% share in Iran’s total exports during the period. It exported 293,000 tons of goods worth $331 million to Iran during the same period to register a 48% and 58% growth in tonnage and value respectively year-on-year.

Pakistan had a 1% share in Iran’s total imports during the period under review.