More joint border crossings could boost Iran-Pakistan trade ties - Chamber of Commerce

Business Materials 23 April 2021 15:17 (UTC +04:00)
More joint border crossings could boost Iran-Pakistan trade ties - Chamber of Commerce

TEHRAN, Iran, Apr.23


Iran and Pakistan has the capacity to develop trade, head of Iran and Pakistan Joint Chamber of Commerce Mahmoud Tohidast told Trend.

"Iran always had relations with Pakistan and despite lack of banking system for financial transactions, we always had good relations," Tohidast said.

"The opening of the Pishin-Mand border crossing was a very good move, this is the third official border between the two countries that was inaugurated after the opening of the Rimdan-Gabad border crossing," he said.

"In my opinion there should be 10 more joint border crossings between the two countries so people in border regions could trade commodity easily," Tohidast said.

"Iran has exported $1.2 billion worth of goods to Pakistan, while importing around $600 million worth of commodities there in last Iranian year(started March 20,2020)," he said.

"Although there was also unofficial commodity trade as well via borders that has not been calculated," Tohidast said.

He added that Pakistan could increase its imports from Iran.

"Iran could target the necessary commodities in Pakistan, and increase its exports up to $25 billion," Tohidast said.

"One of the problems in trade with Pakistan is banking, the two countries should find a solution to transact foreign currency, currently most of our trade ties are done by exchanging commodities," he said.

"The Iran-Pakistan Joint Chamber of Commerce has suggested the formation of a joint fund or choosing a bank in Pakistan and a bank in Iran as agent banks to solve the financial transaction, but this idea still remains on paper," Tohidast said.