LAHORE: Chairman of Federation of Chambers of Commerce & Industry (FPCCI) Regional Standing Committee for Peace, Khawaja Khawar Rasheed Tuesday welcomed negotiations on Pak-Iran Free Trade Agreement and said that the agreement would lead both the countries to prosperity and development.
He said that the recent volume of trade between the two countries was now only $27 million, while with this FTA, it could be increased to $5 billion during the next five years.
Khawar said that according to the Preferential Trade Agreement, Pakistan had given Iran discount on 338 items and Iran gave the same facility for 309 items.
However, under the Free Trade Agreement, both the countries would provide discount on the duties of more than 80% products. After the signing of the FTA, two-side trade between the neighbouring countries would go up,” he added.
Last year in March, both the countries had signed the 5-year strategic plan. According to which both countries agreed on initiation of negotiations on Free Trade Agreement; however, both countries did not send their draft framework of the Free Trade Agreement on time, and therefore talks in this regard started in December 2016.
