ISLAMABAD: Iranian Ambassador Raza Amiri Moghaddam has called for a need to increase the trade volume between the two countries from $2.7 billion to $10 billion, and proposed to transform the Pakistan-Iran border into a ‘commercial gateway’ to strengthen trade ties.

During a visit to the Islamabad Chamber of Commerce and Industry (ICCI) the Iranian envoy stressed the need for removing bureaucratic bottlenecks on both sides and develop an efficient mechanism, including banking channels, to foster economic growth.

He also suggested that the business communities of both countries should meet to establish a framework for joint ventures, as Iran has successfully done with Turkey.

ICCI President Nasir Mansoor Qureshi and the Iranian ambassador discussed matters of mutual interest to strengthen bilateral cooperation and collaboration, and the two sides decided to collaborate for the growth of business and economic development by breaking down trade barriers for the mutual benefit of both nations.

A four-member committee with two members from each side has been established for further deliberations and to maintain close coordination on necessary issues.

Ambassador Moghaddam acknowledged the progress in Pakistan-Iran relations in recent years but highlighted that there remains significant untapped potential for deeper collaboration and suggested expanding border markets, opening new crossing points, and establishing Customs Facilitation Desks to facilitate smoother trade.

He added that Gwadar and Chabahar ports hold enormous potential for joint use, as both are strategically positioned on key international trade routes that provide connectivity to Central Asia, the Middle East, Africa, and Europe.

Ambassador Moghaddam also handed over an invitation from the President of Tehran Chamber of Commerce and Industry to ICCI President Nasir Mansoor Qureshi to visit Tehran.

The ICCI President highlighted that Pakistan was implementing a coordinated roadmap to increase foreign investment and is offering attractive opportunities for international investors.

He emphasised that cooperation between Pakistan and Iran should be expanded across all sectors to enable both countries to benefit from each other’s experiences and capabilities. However, he pointed that international pressures, regional instability, and security challenges have hindered business interactions between the two countries.

Mr Qureshi expressed confidence that both nations’ resilient and determined business communities are capable of overcoming these obstacles and emphasised the shared historical, cultural, and industrial strengths of Pakistan and Iran, which can be leveraged to deepen their mutual ties.

President ICCI suggested for frequent exchange of trade and cultural delegations, along with B2B meetings, to bring business communities of the two countries closer.

Published in Dawn, December 22nd, 2024