ISLAMABAD: The Federal Board of Revenue (FBR) and Customs department for Iran signed a Memorandum of Understanding (MoU) for improved trade relations between the countries.
The MoU has been signed to collaborate in an effort to maintain the price of commodities being traded across the border and maintain their quality with prior information on the products.
The MoU will also help in reducing the cost of clearance on products going back on forth from the border between the countries.
The agreement will also boost revenue for both countries after a proper regulation mechanism will be in place on all products being imported and exported.
Earlier on February 4, Iranian ambassador to Pakistan Syed Muhammad Ali Hosseini called on Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh in Islamabad.
Matters of mutual interest, bilateral cooperation, trade, investment, regional peace and other issues were discussed in the meeting.
On the occasion, Hafeez Shaikh said that Pakistan desired to further enhance the volume of bilateral trade between the two neighbouring countries.
