ISLAMABAD, Dec 1: Iran is considering various measures to increase the volume of bilateral trade with Pakistan from $650 million to $1 billion in next few years, said Iranian Commercial Attaché Ahmed Fasihi on Saturday.

Addressing the traders at Islamabad Chamber of Commerce and Industry (ICCI), the Iranian diplomat said that enhanced trade and economic relations would help further promote cooperation in other fields also. “The present level of trade is not reflecting the potential of the two countries,” he added.

Currently, the trade balance is heavily in favour of Iran.

He disclosed that his office had signed 16 memorandums of understandings with chambers and trade delegations in short time and also arranged meetings with 1,800 members in few months for the enhancement of bilateral trade.

He also invited the ICCI president to send a delegation to Iran for exploring opportunities to enhancement bilateral trade.

ICCI president Nasir Khan suggested that the two countries should encourage border trade by establishing custom posts at the borders to achieve the $1bn bilateral trade target and added that a 20-member ICCI delegation would visit Iran this month.

He said that Pakistan and Iran should make a joint study group for identifying more potential items for two-way trade between the two countries and these products should be given preferential treatment.

Pakistan and Iran had already entered into a Preferential Trade Agreement, effective from September 1, 2006. Under the PTA, Pakistan had given duty concessions on 463 items to Iran, while Iran reciprocated on 309 items.