KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said bilateral trade between Pakistan and Iran could expand to $10 billion in the coming years as business leaders and officials from both countries seek to deepen cross-border economic cooperation.
The projection was discussed during a meeting between FPCCI officials and an Iranian delegation comprising government representatives and business executives, according to a statement issued on Tuesday.
FPCCI President Atif Ikram Sheikh said there was scope for a substantial increase in trade volumes following business-to-business meetings and policy discussions between the two sides.He said the $10 billion target could be achieved through greater economic coordination and by addressing technical barriers affecting bilateral trade.
The Iranian delegation included Hasani, deputy governor for economic affairs of Iran’s Sistan and Baluchestan province, Akbar Eissa Zadeh, Iran’s consul general in Karachi, and Mohammad Saeed Arbabi, chief executive officer of the Chabahar Free Zone.
FPCCI Senior Vice President Saquib Fayyaz Magoon said discussions focused on sectors including logistics, transportation, maritime connectivity, rice and meat exports.He said expanding trade would require the formalisation and operationalisation of barter trade and regional trade mechanisms between the two neighbouring countries.Pakistan and Iran have long sought to increase bilateral trade despite banking restrictions, sanctions-related complications and border infrastructure constraints that have limited formal commercial flows between the two countries.
