Prime Minister Shehbaz Sharif and Iranian President Seyed Ebrahim Raisi on Thursday came together to inaugurate a significant development project, marking a new chapter in the bilateral relations between Pakistan and Iran.
(more…)Tag: Pakistan-Iran
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Iran establishes six border markets to promote trade with Pakistan
KARACHI: Iran has established six border markets to promote trade with Pakistan, said Iranian Consul General Hasan Noorain.
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Pak-Iran businessmen stress finalizing free trade agreement
KARACHI: Businessmen of Pakistan and Iran have stressed upon finalizing Free Trade Agreement (FTA) between the two neighboring countries in order to explore true potential of trade.
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Connecting Pakistan, Iran customs stressed to resolve trade issues
KARACHI: Customs authorities of Pakistan and Iran should be connected for improving bilateral trade between the two neighboring countries.
Consul General Hassan Nourian, Consul General of Iran said there were two issues impeding trade i.e. banking channel transactions and second one is absence of proper bilateral trade regime between the two countries.
Regarding barter trade, he suggested developing an active linkage to resolve two countries’ two customs related issues by connecting customs of two countries.
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On the IPI & TAPI gas pipeline, he said that India is no longer part of the project and finally Iran and Pakistan need to proceed with the project.
He said that it is our second visit to SITE Association of Industry, and informed that during this visit of delegation, three MoUs have been signed. In the month of January 2023, Iran Single Country Exhibition is being organized at Karachi Expo Centre, and proposed that a similar exhibition may also be organized by Pakistan in Tehran, Mashhad or Isfahan.
A businessmen delegation from Islamic Republic of Iran visited SITE Association of Industry, and met President Riaz Uddin, office bearers and Executive Committee members to discuss the matters of enhancement of bilateral trade relations between the two brotherly countries.
READ MORE: Pakistan business confidence index drops to lowest level
The delegation was headed by Yaganeh Fard, President Chamber of Commerce Zanjan. Consul General of Islamic Republic of Iran H.E Hassan Nourian, Commercial Attaché Hossein Amini were also present in the meeting. Riaz Uddin, President, SITE Association of Industry, Abdul Kadir Bilwani SVP SITE Association, VP Muhammad Hussain Moosani, Former President Abdul Rasheed and Abdul Hadi, Muhammad Kamran Arbi, Anwer Aziz, Azeem Motiwala, Haris Shakoor, Imran Ghani and others were also present in the meeting. Iranian Businessmen delegation visited a renowned Textile unit to see the manufacturing process.
Leader of the Iranian Businessman delegation Yaganeh Fard, President Chamber of Commerce Zanjan, on this occasion said that Pakistan and Iran have many things in common including trade, but the trade volume is much below the abilities and potential of the two countries.
The businessmen and products of the two countries should be introduced to each other and for this purpose, travelling and participation in exhibitions are important.
READ MORE: Furniture retailers want fixed tax regime
“Trade is a two-way road we can engage ourselves through partnership, joint investments and production. He added that Iran is facing difficulties due to US sanctions imposed and barter trade is a welcoming sign amid such sanctions. The target of $5 billion trade volume per annum has been set.”
Riaz Uddin, President, SITE Association of Industry welcomed & thanked the valued guests from Iran and thanked the Consul General for making efforts to promote business ties between the two countries. He said that Iran was the first country to recognize Pakistan at the time of its birth. In reciprocation Pakistan was amongst the first countries who recognized Islamic Revolution of Iran.
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“Trade volume is extremely low as we are unable to avail the opportunities available in the brotherly country Iran. Pakistan needs basic commodities like oil gas petrochemical products, particularly Gas which is badly needed by industries and Iran has abundance of gas”, he said, adding that there has been development for barter trade with Iran but there is need to expand its operations to entire Pakistan and remove legislative barriers.
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Pakistan reaffirms commitment to work closely with Russia
ISLAMABAD: Pakistan on Thursday reaffirmed its commitment to work closely with Russia to further strengthen cooperation between the two countries.
Prime Minister Mian Muhammad Shehbaz Sharif held a warm and cordial meeting with President of the Russian Federation Vladimir V. Putin on the sidelines of the Shanghai Cooperation Organization (SCO) Council of Heads of State in Samarkand.
READ MORE: Pakistan premier arrives Russia after two decades
The two leaders discussed bilateral ties and exchanged views on regional and international issues.
The Prime Minister thanked President Putin for Russia’s expression of solidarity and support for the people affected by the massive floods in Pakistan. The Prime Minister also shared details of the devastating impact of this climate induced calamity.
The Prime Minister expressed satisfaction at steady growth of Pakistan-Russia relations, which were marked by strong mutual trust and understanding.
The Prime Minister reaffirmed Pakistan’s commitment to work closely with Russia to further expand and strengthen cooperation between the two countries across all areas of mutual benefit including food security, trade & investment, energy, defence and security.
It was agreed to convene the next meeting of the Inter-Governmental Commission (IGC) in Islamabad at an early date. Appreciating Russia’s constructive role in Afghanistan, the Prime Minister said that both Pakistan and Russia had vital stakes in a peaceful and stable Afghanistan.
The Prime Minister said that it was essential to intensify the pace of international engagement on Afghanistan and reaffirmed Pakistan’s commitment to support all regional and international efforts to stabilize Afghanistan.
Prime Minister Muhammad Shehbaz Sharif also met President of Iran Seyed Ebrahim Raisi on the sidelines of the SCO Council of Heads of State meeting in Samarkand on Thursday.
The Prime Minister extended his gratitude to President Raisi and to the people of Iran for their solidarity and support with the Pakistani nation during the massive floods in the country.
The Prime Minister highlighted the devastating impact of the floods caused by climate change, and underscored that Pakistan with the least carbon emissions was bearing the cost of something for which it was not responsible.
He stressed the importance of tangible international action to help address the challenges that climatically vulnerable countries like Pakistan were facing.
READ MORE: Presidents of Pakistan, Iran discuss trade, economy
During the meeting, the two leaders positively evaluated the outcome of the Pakistan-Iran Joint Economic Commission and agreed to further promote bilateral relations in diverse fields.
Both sides also affirmed the desire to strengthen cooperation in economic, trade, connectivity, energy, culture and people-to-people links.
The Prime Minister underscored the need for closer bilateral engagement for boosting economic and energy cooperation, operationalizing barter trade, opening border sustenance markets, and facilitation of Pakistani Zaireen.
It was agreed that Pakistan would be sending a delegation to discuss measures for expanded cooperation in bilateral trade and energy sectors. The Prime Minister reiterated his invitation to President Raisi to visit Pakistan at the earliest convenience. President Raisi renewed his invitation to the Prime Minister to visit Iran.
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Presidents of Pakistan, Iran discuss trade, economy
ISLAMABAD: The president of Pakistan Dr. Arif Alvi and the president of Iran Seyed Ebrahim Raisi on Sunday discussed bilateral trade and economy.
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Pakistan, Iran barter trade to start in a month
ISLAMABAD: Pakistan and Iran have reached an agreement and barter trade between the two countries will start in a month, a top official said on Thursday.
This was stated by the Commerce Secretary before the Standing Committee on Commerce of the Senate.
To the question of Senator Fida Mohammad, the Commerce Secretary apprised the Standing Committee on Commerce, which met here at Parliament House on Thursday under the Chairmanship of Senator Zeeshan Khanzada, that being on the grey list had not any negative concussion on Pakistan’s exports.
Due to the lack of banking channels with Iran, there exist some issues in trading with Tehran. The barter trade issue with Iran has been resolved, he informed.
An agreement has been reached with Iran regarding barter trade, he added further. He said that barter trade with Iran would start in a month.
Commerce Adviser, Razzaq Dawood briefed the Committee on GSP Plus status( Generalised Scheme of Preferences). He noted that Pakistan’s exports to Europe have reached 9 billion dollars.
The Commerce Adviser informed the committee that the European Union (EU) was assuaged with Pakistan’s implementation of the GSP Plus terms.
Pakistan had kowtowed with most of the 27 conventions. He underlined that Pakistan had already addressed issues like eradication of Child Labour, Freedom of Speech, Rights of journalists, Rights of Women, and others as per assigned indicators.
He asserted that the EU asked for expanding the range of exports to European markets but exports to the EU have not inflated as they should have because of weaknesses of our exporters.
While responding to a question asked by the Chairman Committee, Abdul Razzaq Dawood remarked that under GSP Plus, 66 per cent of Pakistan’s tariff lines were on zero duties. EU exports increased by 47 per cent, he said, adding that trade with the EU is in Pakistan’s interest.
For maximum participation of all members and inclusive discussion, the detailed deliberation on GSP plus status and briefing by the Pakistan Cotton Standards Institute (PCSI) were recessed for the next meeting.
The Commerce Adviser also lauded the role of the Senate Standing Committee on Commerce in passing the (Geographical Indications) GI Act.
Apart from Senator Fida Mohammad, Senator Saleem Mandviwala, the commerce Adviser Abdul Razzaq Dawood, Secretary Commerce, Additional Secretary Commerce, and officials from Pakistan Cotton Standards Institute attended the meeting.
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Pakistan, Iran discuss promoting agriculture cooperation
ISLAMABAD: Pakistan and Iran have engaged in extensive discussions aimed at enhancing agricultural cooperation between the two neighboring countries.
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FPCCI alleges SBP for misguiding on Pak-Iran trade
KARACHI: The apex trade body of the country has alleged the State Bank of Pakistan (SBP) for misguiding the ministry of commerce on Pak-Iran trade.
Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a statement on Saturday said that the SBP had misdirected the commerce ministry by advising against banking channels with Iran for sanctions-related concerns; and, not offering and advocating its due and required facilitative role for the barter trade. “Any State Bank should be an enabler of trade and growth; not a block and disruptor like SBP,” the FPCCI said.
The FPCCI chief hailed the Ministry of Commerce’s efforts to kick start barter trade with Iran on a mass scale; however, he has expressed his concerns and apprehensions pertaining to the conduct of the SBP for creating obstacles and showing inaction for the same.
Maggo maintained that when Europe, India and China can do barter trade with Iran, why Pakistan can not do that; while, Pakistan is at the greater advantage on the back of long border and geographical contiguity as compared to all other countries and regions.
Nasir Khan, VP FPCCI from Balochistan, emphasized that it is in the national interest of Pakistan to have barter trade with Iran and have marketplaces in the border areas of the two brotherly countries.
He added that he considers the conduct of the Governor SBP against the national interest and detrimental to the economic growth and prosperity of Pakistan.
Nasir Khan added that Pakistani exporters can export large quantities of rice, meat, pharmaceuticals and textiles to Iran and that can translate into upwards of equivalent of five billion dollars annually; which, in turn, will create millions of jobs.
Nasir Khan further said that the current Governor SBP is an imported one and is not taking care of Pakistani interests into account. We need a die-hard Pakistani at the helm of the affairs, he added.
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Pakistan, Iran reiterate resolve to promote economic, trade linkages
ISLAMABAD: Pakistan and Iran on Friday reiterated resolve to promote economic and trade linkages between the two countries.
Hassan Abghari, Deputy Minister of Economic and Finance Affairs and the Managing Director, Iran Foreign Investment Company (IFIC) of the Islamic Republic of Iran called on the Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, at the Finance Division on Friday.
Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh extended a warm welcome to the H.E Deputy Minister of Economic and Finance Affairs who was accompanied by the Deputy Head of Mission Muhammad Surkhabi, Embassy of Iran.
They exchanged views on matters of common interests and reiterated resolve to promote economic and trade linkages between the two countries by building upon historical ties, geographical proximity, cultural affinities and economic commonalities.
The Finance Minister emphasized to find ways for furthering trade relations.
The Pakistan Iran Investment Company can play a pivotal role in strengthening trade and investment between the two countries, he added.
The Finance Minister briefed His Excellency Deputy Minister that Government of Pakistan is pursuing a broad-based economic reform agenda to achieve export led growth and sustainable economic development.
He apprised about the economic challenges posed by the COVID-19 pandemic and outlined socio-economic measures taken by the Government of Pakistan to lessen the adverse impact of the pandemic on marginalized sections of the society.
The government announced largest ever Fiscal Stimulus Package and introduced the strategy of a smart lockdown to protect the vulnerable segments of the society which has been acknowledged worldwide, he stated.
The current Government is firmly committed to correct fundamentals of the economy through effective policy making and targeted reforms with an aim to achieving sustainable and inclusive growth strategy, he concluded.