LAHORE: Under the framework of a preferential trade agreement between Iran and Pakistan, Tehran has lifted the import ban on certain products exclusively shipped from Pakistan.
Accordingly, Iranian importers have been allowed to register import application forms for some products that were previously on the Islamic Republic of Iran Customs Administration’s (IRICA) import ban list; however, the country of origin for the said items must solely be Pakistan.
Tehran and Islamabad have been taking new measures for broadening economic ties as the Iranian government is promoting economic diplomacy in the region.
Earlier this month, a delegation of businessmen and private sector representatives from the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) visited Pakistan to meet with Pakistani officials and explore avenues of mutual cooperation.
Getting acquainted with Pakistan’s trade laws and regulations, familiarizing with the country’s business capacities and investment fields as well as exploring ways to increase the level of transit between the two countries were among the major goals of the Iranian delegation’s visit to the country.
In late October, ICCIMA and the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) signed three memorandums of understanding (MOU) with the aim of expanding economic cooperation between the private sectors of the two countries.
The MOUs were signed during another visit of an Iranian private sector delegation headed by ICCIMA Head Gholam-Hossein Shafeie to the Pakistani cities of Karachi and Lahore.
Based on the signed memorandums, the two sides agreed to strengthen comprehensive cooperation between the private sectors of the two countries, to establish a joint trade council of Iran and Pakistan, and to determine a mechanism to resolve trade disputes.
During their visit to Pakistan, the Iranian delegates also attended a meeting with officials from the State Bank of Pakistan (the country’s central bank) in which the two sides discussed details of a barter trade mechanism between the two countries.
After the trip of the Iranian trade delegation to Pakistan, Iran’s Trade Promotion Organization (TPO) and Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) also signed an MOU to pursue and develop free trade with Pakistan.
Speaking at the signing ceremony, TPO Head Alireza Peyman-Pak mentioned Pakistan as one of TPO’s priority markets for enhancing the country’s business plans and emphasized that establishing direct transit as well as creating a financial and banking mechanism between Karachi and Tehran are two key axes in the development of business relations with this country.
Also, TCCIMA Head Masoud Khansari, in his speech, underlined the TCCIMA plans and actions in recent years to develop the economic relations of Iranian companies with neighboring countries and expressed the chamber’s full readiness to cooperate with TPO in order to develop exports to Pakistan.
