October 17, 2021: Mian Nasser Hyatt, President FPCCI, has urged Pakistani & Iranian governments to come up with a payment mechanism based on barter trade.
He added that the two countries should focus on enormous potential and supply gaps for both countries that can be bridged through bilateral trade. He also emphasized that we should do it in a manner that does not violate sanctions.
FPCCI Chief also expressed his interest to understand the mechanism that how Iran & Iraq have achieved an annual bilateral trade volume of $18bn annually. This is substantial and phenomenal, he added.
Mian Nasser Hyatt Maggo has engaged high-ranking delegates from Iran’s business community, trade officials, and ambassadorial staff at a detailed interactive and consultative session at Federation House. He maintained that current level of merely $1bn of bilateral trade is grossly insufficient and the two brotherly countries can achieve a $5bn mark within a short span; if the right sectors are targeted and conducive policies are formulated for trade facilitation.
The Iranian delegation was headed by Mr. Ahmed Amirabadi Farahani, Chairman Iran-Pakistan Friendship group. The Iranian delegation put forwards two proposals to enhance bilateral trade swiftly: (i) The two countries should start barter trade on a mass-scale; incorporating as many sectors as possible (ii) Iran & Pakistan should collectively set up multiple large marketplaces in their respective border areas. They also suggested that FPCCI should prepare a list of Pakistani products that have unfair duties and tariffs imposed by Iran on Pakistani exporters; so that, they can take up the matter with the relevant authorities in Iran.
Mr. Najam Ul Hassan Jawa, Chairman FPCCI’s Pak-Iran Business Council, said that Pakistan & Iran can both contribute towards their economic growth by benefitting from enormous regional & border trade potential. Pakistan & Iran enjoy the convenience of availability of all four modes of logistics & shipments modes, i.e. Road, Train, Sea, and Air Cargo, he added.
Mian Nasser Hyatt Maggo has urged Mr. Abdul Razzak Dawood, Advisor, to PM on Commerce & Investment, to take FPCCI’s concerns & recommendations into account before commencing his upcoming official visit to Iran. He also extended his full support, as President FPCCI, to Mr. Abdul Razzak Dawood to facilitate and potentiate the government’s efforts to enhance bilateral trade with Iran.