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KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Mian Nasser Hyatt has urged Pakistani and Iranian governments to come up with a payment mechanism based on barter trade.
The FPCCI president made these remarks during a “detailed interactive and consultative session” with high-ranking delegates from Iran’s business community, trade officials and ambassadorial staff at Federation House. The Iranian delegation was headed by Mr Ahmed Amirabadi Farahani, Chairman Iran-Pakistan Friendship group.
Mian Nasser Hyatt said that the two countries should focus on enormous potential and supply gaps for both the countries that can be bridged through bilateral trade.
FPCCI Chief also expressed his interest to understand the mechanism that how Iran and Iraq have achieved an annual bilateral trade volume of $18bn annually. “This is substantial and phenomenal”, he added.
He maintained that current level of merely $1bn of bilateral trade was grossly insufficient and the two brotherly countries can achieve $5bn mark within a short span, if the right sectors are targeted and conducive policies are formulated.
During the meeting, the Iranian delegation put forwards two proposals to enhance bilateral trade swiftly: The two countries should start barter trade on a mass-scale; incorporating as many sectors as possible and Iran, Pakistan should collectively set up multiple large marketplaces in their respective border areas.
They also suggested that FPCCI should prepare a list of Pakistani products that have unfair duties and tariffs imposed by Iran on Pakistani exporters; so that, they can take up the matter with the relevant authorities in Iran.
Mr Najam Ul Hassan Jawa, Chairman FPCCI’s Pak-Iran Business Council, said that Pakistan and Iran can both contribute towards their economic growth through benefitting from enormous regional and border trade potential.
“Pakistan and Iran enjoy the convenience of availability of all four modes of logistics and shipments modes, i.e. Road, Train, Sea and Air Cargo”, he added.
Mian Nasser Hyatt Maggo has urged Mr Abdul Razzak Dawood, Advisor to PM on Commerce & Investment, to take FPCCI’s concerns & recommendations into account before commencing his upcoming official visit to Iran.