LAHORE: Although imports from Iran to Pakistan are increasing but exports to Iran are constantly dropping. Bilateral trade between Pakistan and Iran will touch new heights in coming years as there is a huge potential of trade between the two countries.
While talking to a group of industrialists from export-oriented industry, Chairman of Workers Employers Bilateral Council of Pakistan (WEBCOP) Malik Tahir Javed said that the lifting of sanctions on Iran would pave way for the two sides to do business in an enabling atmosphere.
He urged the Pakistani businessmen to expedite the process of joint ventures with their Iranian counterparts as both the countries have huge potential to touch the staggering figure of $ 10 billion trade.
He said that Pakistan and Iran not only have common border but also share a glorious history. Pakistan and Iran have close cultural affiliations and both have remained steady trading partners as well but in recent years, the momentum of trade has been seriously affected.
He hoped that Iranian trade planners would ensure greater role to be played by Iran particularly in regional trade. He said that it is a proven fact that the economic prosperity lies in integration with neighbouring countries. Pakistan is eagerly looking forward to expanding trade relations with Iran.
“It should be a matter of concern for both sides that in 2014, the volume of bilateral trade has decreased to $229 million which is a record low in this decade. In 2009 and 2008, our two way trade was as high as $1.21 billion and $1.16 billion respectively, Malik Tahir Javed added.
He said that although imports from Iran to Pakistan are following increasing trend but our exports to Iran are constantly dropping. For example, Pakistan exported goods to Iran to the tune of $142 million in 2012 which dipped to $43 million in 2014. In contrast to that Pakistan imports from Iran in 2012 were $120 million which inched up to $186 million in 2014.
