Pakistan’s Central Bank Urged to Streamline Banking Channels with Iran
TEHRAN (Tasnim) – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the country’s central bank to smooth banking channels with Iran in order to facilitate bilateral trade following the July 14 nuclear agreement.
“The FPCCI has always shown importance and strongly advocates robust economic relationship with Iran. In today’s scenario, without economic activity no economy can survive,” said Ahmad Jawad, the chairman of FPCCI Standing Committee on Horticulture and Food Exports, The Express Tribune reported on Wednesday.
He made the remarks in a meeting with Iranian Embassy Commercial Attaché Mostafa Razavi Zadeh in Islamabad.
Jawad suggested that the Iranian ministry of commerce may look into the issue as in the past seasonal bans were imposed on purchase of Pakistan’s agricultural products.
“The PTA framework should be executed in letter and spirit,” he said.
Praising the FPCCI for playing a constructive role, Mostafa Razavi Zadeh said Iran desired to increase trade with Pakistan, but the State Bank of Pakistan (SBP) should take an initiative and establish banking links.
“Iran’s central bank is ready to move forward,” he said. “Iran has been enjoying trade through banking channels with India and Turkey, why has Pakistan not adopted the same system?”
Following the conclusion of nuclear talks between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, European business executives and politicians are shuttling to Iran to lay the groundwork for investment and trade.
The comprehensive nuclear deal between Iran and the six powers would terminate all nuclear-related sanctions imposed on Iran after coming into force.
