Trade between Pakistan and Iran can easily be expanded to $5 billion if both the countries adopt measures like free trade agreements, the establishment of banking channels and markets at border region, elimination of illegal trade, exchange of delegations, trade exhibitions, and removal of obstacles hindering the growth of mutual trade.

“Despite being two important countries in South and Western Asia, Pakistan and Iran have so far not used properly their economic strength to take the mutual trade at peak”, LCCI President and head of LCCI Trade delegation to Iran Mian Nauman Kabir said while talking to the Consul General of Pakistan in Mashhad and the officials of Razavi Economic Organization on Friday.

The Iranian counterparts agreed with the LCCI President saying that the efforts should be expedited and brotherly relations between the two countries should also be translated into mutual trade and economic ties. They said that Iranian businessmen give much importance to trade and economic relations with Pakistan and are ready to work hand-in-hand with the private sector of Pakistan.

LCCI President Mian Nauman Kabir said that concrete measures should be taken to lift the hurdles in the way of developing trade exchanges between the two countries.

Mian Nauman Kabir said that the areas should be identified for mutual cooperation, barter trade should be increased, joint border markets should be built and proper banking channels should be established to facilitate the business community of the two countries.

He said that Pakistan and Iran have the potential to cater to each other’s needs provided the businessmen have exposure to the available opportunities. He said that the business community in the two countries would have to increase interaction to share their experiences in the larger interests of the people of two brotherly nations.

The LCCI President said that the dissemination of sector-specific and trade-related information would go a long way in achieving the goal. Both the countries should share their experiences in the field of science and technology also. He said both sides need to conduct market research to further strengthen trade relations between the two countries. Priority should be given to each other for the import of goods rather than buying from distant countries.

Mian Nauman Kabir said that collaboration in SMEs and mega projects like onshore and offshore oil & gas exploration activities, hydel and coal-based energy projects, paper & board, sugar, cement, chemicals, transport & communication, construction of roads in Pakistan, scientific & educational cooperation, handicrafts, artificial jewelry, carpets, fancy furniture, etc.

Pakistan is basically an agricultural country bestowed with a variety of seasons and agro-based products. But due to the lack of post-harvest technologies, a lot of agricultural produce is wasted. Hence, a technology from Iran can help Pakistan’s agro-based food processing and dairy industry to improve.