TCCIMA chairperson: Iran, Pakistan to establish new financial channel in the business relation

(Tuesday, March 3, 2020) 11:15

Massoud Khansari, TCCOMA chairperson, during the visit the Iranian trade delegation to Pakistan, in a meeting with Shahab Ahmad Khan, head of the Karachi chamber of commerce, emphasized the need for a stronger private sector role in developing bilateral trade relations TCCIMA’s public relations reported.

On the second day of trip to Pakistan TCCIMA delegation met with the board and members of the Karachi Chamber of Commerce and Industry and the two sides discussed ways to expand economic relations between private sector firms in the two countries.

 

Speaking at the meeting, referring to the $ 1.5 billion volume of formal trade between the two countries and the $ 3.5 billion trade side of informal channels, the chambers of commerce of the two countries should be more sensitive to the small share of trade exchanges between the two sides Khansari said. We should  try to establish business relations between the two countries in an official way and through real businessmen and women he added. In this regard, Masoud Khansari emphasized the role of Tehran and Karachi Chamber of Commerce in identifying and introducing businessmen and women to each other as well as the market needs of the two countries. Explaining that Iran's trading partners, including Iraq, Turkey and the UAE, as well as other countries, are subject to FATF laws and regulations, he added: "However, despite US sanctions imposed on Iran, the volume of Iranian trade transactions With these countries exceed $ 10 billion a year. The head of the Tehran Chamber, in this regard, stated that Iran's financial exchanges with its trading partners, including Iraq, Turkey and the United Arab Emirates, take place through the establishment of financial units outside the framework of the dollar, which could also be linked to Iran-Pakistan economic ties.

 

Also during the meeting, Shahab Ahmad Khan, Chairman of the Karachi Chamber of Commerce and Industry, emphasized the need to implement trade agreements between the two countries. The Karachi Chamber met with the Central Bank of Pakistan officials, providing operational guidelines for financial transfers between the two countries. Has he added.