LAHORE: The local business community has lauded the agreement signed between Pakistan and Iran to prepare ground for a free trade agreement (FTA).
Pakistan Industrial & Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh, in a statement, said that it is remarkable that both the countries have agreed to work on issuing long-term multiple-entry visas to businessmen and increasing direct air flights to boost the prospects of trade.
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Irfan Iqbal said that trade in agriculture and mineral sectors offers tremendous scope. He was of the view that Pakistan and Iran are ideally placed and capable enough to complement each other. The prospects of export of services are far greater in transportation, financial, communication, insurance and IT fields, he said. “We can get cheaper oil from Iran and by exporting rice to Iran we can get millions of foreign exchange,” Irfan said.
The PIAF chairman termed the signing of five-year Strategic Trade Cooperation Plan (2016-2021) as the beginning of a new era, which provides a great opportunity to the two nations to enhance economic cooperation to new heights. He asked the Ministry of Commerce to explore various avenues to enhance bilateral trade to $5 billion in five years, in accordance with the vision of the top political leadership of the two countries during recent visit of Iranian president.
