Pakistan optimistic about early resumption of ties with Iran in banking sector: Rana Afzal

Pakistan's Minister of State for Finance Rana Muhammad Afzal has expressed optimism for early resumption of banking ties between Islamabad and Tehran.

In an interview with IRNA, he said that he is giving extra focus on banking ties with Iran so that the two friendly neighbors can have better trade relationship.

Certainly, Iran wants to improve relations with Pakistan, and Pakistan too is interested to improve trade relations with Iran, he added.

He said that we need to develop banking relationship, in this connection very soon we should be able to have the banks on both sides to open letters of credits and do some business.

Minister said that bilateral meetings between the two countries are taking place regularly and we want to increase trade between our two countries and Iran is doing trade with many countries.

The minister said Iran's ambassador has informed him that sanctions do not cover many types of trade between Iran and Pakistan. So we are working on this very keenly with a focus that how we can improve our trade ties with Iran.

He said that Pakistan is trying to have some private banks interested in opening branches and taking business from each other.

Banking sector in Pakistan is in private hands and there is only one government bank, Afzal said.

He said more business delegations exchange and more facilitation at the government level will enhance trade between the two countries. There is already good will in Pakistan.

He maintain that we have surplus food items and Pakistan has rice to export and textiles and Iran has petroleum products. Regional trade is always a better trade so we are trying to do within the permissible limits. Unfortunately, due to sanctions our business has gone down. It is not only Iran that has suffered but Pakistan has also suffered, so we want to solve this problem, he said.