Pakistan to soon approve banking ties with Iran

ISLAMABAD: After lifting sanction against Tehran, Pakistan’s federal cabinet is all set to approve re-establishing of banking relationship between Pakistan and Iran in its upcoming meeting.

Federal Minister of Commerce Khurram Dastgir Khan said this in a meeting with Mehdi Honardoost, Ambassador of Iran to Pakistan.  Areas of mutual interest and bilateral relations in the fields of commerce and trade came under discussion.

The ambassador said the two brotherly Islamic countries must focus on developing economic and trade ties as there are lots of grounds and avenues of cooperation in economic and trade spheres.  “Both countries have larger population of young generation and enhancement of bilateral trade will help both the countries to create job opportunities for the youth,” said the ambassador.

The ambassador discussed the ways and means for further improving bilateral trade between Pakistan and Iran. “Both the countries must work on developing long-term economic and trade policies and initiate interaction between the free trade zones and should have more exhibitions,” said the ambassador.

Khan said Pakistani cabinet id likely to approve the re-establishment of Pakistan-Iran banking relationship that will boost bilateral trade significantly.  The minister said the free trade agreement (FTA) talks between Pakistan and Iran will also likely to begin as the FTA draft that Pakistan sent to Iran came back with willingness from Iran and will be pursued vigorously.

The minister said both the countries should work on easing the visa process for businessmen and also should agree on list of items to zero-rate each other in order to uplift trade between the two neighboring states.

The ambassador appreciated the positive response of the minister and both sides agreed to hold further meetings on different levels to give practical shape to various proposals discussed in meeting.