June 29, IFIF public relation- Pakistan is expolring to find ways to resume banking channels and develop trade with Iran in a month.

Few months ago representatives of Pakistani private banks visited Iran and keen to initialize trade with Iran while SBP (State Bank of Pakistan) and Central Bank of Iran signed a Letter of Intent on the occasion of visit of Iranian president to Pakistan to expand bilateral ties and establish direct banking links.

Aiming to operationalize the preferential agreement and to enhance trade facilitation at the borders, Pakistan ministry of commerce is engaged with the ministry of trade and industry and ministry of agriculture of Iran.

Iran is a good opportunity with minimum transportation cost for Pakistani traders to export especially that of Basmati rice which used to fetch millions of dollars from the pre-sanction Iran.

As the 5-year Economic Engagement Plan agreed between Pakistan and Iran, the ministry of commerce of Pakistan forwarded the draft FTA framework agreement to Iran this month and the response of Iran is awaited.