News
Friday, January 14, 2011
PM for exploring opportunities to enhance trade with Iran
* Iran commerce minister terms meeting with Pakistani officials fruitful
ISLAMABAD: Prime Minister Yousaf Raza Gilani emphasised that prospects to exploit trade opportunities between Pakistan and Iran needed to be looked into with a positive approach keeping in view the close brotherly relations between the two countries.
A roadmap with timelines to promote trade between the two countries could greatly help in this regard, he added. The prime minister was talking to Iranian Minister for Commerce Mehdi Ghazanfari, who called on him at the PM’s House on Thursday.
The prime minister appreciated the increase in the trade between Pakistan and Iran due to bilateral tariff concessions on more than 600 items under Preferential Trade Agreement (PTA) signed in 2004.
The trade relations between the two countries, he observed, do not match with the opportunities available.
The prime minister highlighted the importance of deepening and broadening of trade and economic cooperation in the mutual interest of the two countries by increasing product coverage and lowering of tariff.
He said for expanding trade volume between the two countries measures like economic integration, reduction in transaction cost and creation of a business friendly environment were equally essential.
Ghazanfari termed his meeting with Pakistani officials fruitful. He, however, mentioned that impediments in the way of FTA needed to be removed to further enhance trade. Business transactions between the two countries through Asian Clearing Union (ACU) took more time as compared to normal L/Cs, he added.
Opening of L/Cs through Iran’s sister companies in Dubai also added to total cost, he said and stressed on opening branches of banks in each other’s countries.
He said at present Iran’s trade volume with the world was around $150 billion, mainly with the western countries, including the US and the EU. Trade with the UAE has reached $15 billion, while with India it has increased to $12 billion, he added. He emphasised on improvement in communication and transportation sectors of Pakistan and Iran.
Commerce Minister Makhdoom Amin Fahim and commerce Secretary Zafar Mehmood were also present on the occasion. app
Courtesy www.dailytimes.com.pk