Vice President SAARC Chamber of Commerce and Industry (SCCI) Mian Anjum Nisar has said the bilateral trade between Iran and Pakistan has reached over $2.3 billion, expressing the resolve to increase bilateral trade to $5 billion under a five-year trade cooperation plan and stressing the need for enhancing more cooperation in areas of economy and trade and investment between Pakistan, Iran, China and Turkey, as the regional connectivity is the only way to uplift the country.
Mian Anjum Nisar, who is also BMP Chairman and FPCCI former president, was of the view that the current volumes of bilateral trade is far behind then and actual potential, asking the authorities to take serious measures to remove hurdles in this regard. He said that both Pakistan and Iran can help each other in different sectors. He said both the countries are committed to increase bilateral traded to new high levels.
He called for promoting cooperation in the economy, traded and tourism under regional mechanism. Setting up a special economic free trade region along the common border would help to increase trade between the two countries, as there is potential to increase bilateral trade to $10 billion in next few years, he added.
The SAARC Chamber vice president believed that the completion of the IP gas pipeline project will definitely serve the national interest of the two countries, as the businessmen wanted to see this gas pipeline be completed, finalized, and operationalized as soon as possible to end up our power crisis.
It is to be noted that the Five-Year Trade Cooperation Plan between Pakistan and Iran (2023-28), which inter alia, sets a bilateral trade target of $ 5 billion; prioritizes removing impediments on bilateral trade, finalization of the FTA, and establishment of institutional linkages between our respective private sectors; Protocol on Bilateral Economic Consultations, encompassing the rich and in-depth sectoral discussions held between the two sides; and protocol on the 3rd meeting of the Joint Investment Committee (JIC) between Pakistan and Iran.
