Economy, Domestic Economy

Iran-Pakistan Commerce Chamber Opens

Iran-Pakistan Commerce Chamber OpensIran-Pakistan Commerce Chamber Opens

Iran-Pakistan Chamber of Commerce and Industries has opened with the aim of boosting bilateral economic and commercial ties. The inaugural ceremony was attended by president of the Federation of Pakistan Chambers of Commerce and Industries, Abdul Rauf Alam, and Iranian Ambassador to Pakistan Mehdi Honardoust in Islamabad on Wednesday, IRNA reported.  “Expansion of commercial ties between Islamabad and Tehran is inevitable. Pakistani merchants and economic players are eager to increase interactions with their Iranian counterparts,” Alam said. Honardoust said the target set for the two sides to increase trade to $5 billion per year is within reach, since the two sides enjoy vast capacities for bilateral cooperation. He further referred to a joint gas pipeline project and said Iran is ready to transfer gas to Pakistan within the next few months. “After spending $2 billion, we have completed our part of the project by constructing the pipeline along the common border,” Daily Pakistan quoted the ambassador as saying. The pipeline project, providing Pakistan with Iran’s gas, was stalled after the imposition of western sanctions against Iran over its nuclear program. In a meeting between Pakistani Prime Minister Nawaz Sharif and Iranian President Hassan Rouhani back in early April, the two sides agreed on a five-year strategic action plan to expand bilateral annual trade to $5 billion by 2021. Trade between Pakistan and Iran fell to $432 million in 2010-11 from $1.32 billion in 2008-9 after the sanctions took effect, according to the Trade Development Authority of Pakistan.