LAHORE: The All Pakistan Business Forum (APBF) President Ibrahim Qureshi on Saturday said that the lifting of sanctions and restoration of banking channels between Pakistan and Iran would revive normal trade and business activities between the two neighbours.

Qureshi said, �The central bank has taken a very timely decision and now there are significant opportunities for Pakistan to enhance bilateral trade, investment and economic cooperation with Iran. In the absence of a banking channel, bilateral trade had been affected badly with Iran and the State Bank of Pakistan�s (SBP) move would help facilitate the business community in terms of secured bilateral trade transactions.�

Pakistan and Iran bilateral trade relations would now touch new heights in coming years as both the sides have a huge unexplored potential. He said that the lifting of sanctions on Iran would pave way for the two sides to do business in an enabling atmosphere. He urged the Pakistani businessmen to expedite the process of joint ventures with their Iranian counterparts as both the countries have huge potential to touch the staggering figure of $10 billion trade.
�I expect that bilateral trade between Pakistan and Iran can reach over $3 billion just in one year, as Iran is much cheaper than other countries,� he added.
He said that Pakistan and Iran not only have common border but also share a glorious history, adding that Pakistan and Iran have close cultural affiliations and both have remained steady trading partners as well but in recent years, the momentum of trade has been seriously affected. He said that Pakistan and Iran have the potential to cater to each other�s needs provided the businessmen have the exposure to the available opportunities.
�The US had imposed a broad range of sanctions against Iran in the context of nuclear programme and since then banking channel with Iran was suspended and accordingly Pakistani banks were reluctant to do business with Iran,� he added.
Qureshi said that following the US sanctions, the bilateral trade between Pakistan and Iran reached almost zero level. After the sanctions, he added that several Pakistani traders were trading with their Iranian counterparts through Dubai; however, this too could not last longer due to UN sanctions on Iran.
�In July last year, the UNSC had announced to lift the sanctions on Iran and since then the APBF was asking for opening of formal banking channel with Iran to boost the bilateral trade between two neighbouring countries,� he added.
Major importing products would be chemical, plastic, pulses, milk, LPG, petrol and ceramics. While, Pakistan can export paper and paperboard, rice, fruits, surgical items and sports goods, he mentioned.


�By Daily Times