ISLAMABAD: The Pakistan Economy Watch (PEW) on Sunday demanded of the government to sign Free Trade Agreement (FTA) with Iran to boost trade and confidence.
Both the countries have enforced a number of tariff and non-tariff barriers which has resulted in reduction in legal trade while triggering smuggling, it said.
Dr. Murtaza Mughal, President PEW called for initiating serious efforts to boost trade with Iran which is highly unsatisfactory.
He said that Pakistan and Iran can become good trading partner for which serious efforts have been initiated while an FTA would be an achievement.
Pakistan should enhance electricity imports to 1000 megawatt while start importing petroleum products to diversify it as depending on single source, he added.
Dr. Murtaza Mughal said that pipeline project is still under sanctions therefore every option should be explored to expedite it.
The bilateral trade was once one billion dollars but now Pakistan’s exports have come down to 128 million dollars despite the agreement between both countries to boost trade to five billion dollars in few years.
Pakistani beef, rice, fruit, vegetable, sports goods and IT services are in great demand in neighbouring nation which needs a little push from authorities as well as the private sector, he said.
Pakistan should not waste any time for opening of banking channels with Iran and improve transport infrastructure which can also help bailout textile sector that is paying price for global recession. NNI