Pakistan’s Ministry of Commerce has exempted 57 items and products from Iranian trade requirements, including compliance with the country’s Certificate of Origin (COO) regulations, according to a report on Sunday.
Pakistan’s business leaders welcomed the move, saying it would boost cross-border trade with Iran and lead to further economic growth for Pakistan, Pakistan Today’s economic website reported.
The report said a second list of 37 additional items is awaiting approval from Pakistan’s Ministry of Commerce to be exempted from Iranian trade requirements.
Pakistan and Iran have sought to expand trade ties in recent years as Iran seeks to increase engagement with its neighbors to lessen the economic impact of Western sanctions.
Pakistan’s ambassador to Tehran also announced on Sunday that the country has revised the Statutory Regulation Order (SRO) 2023 on barter trade with Iran, Russia and Afghanistan, expressing hope that the move could significantly improve and diversify trade between Pakistan and Iran.
Foreign Minister Mohammad Mudasir Tipu said the revised SRO takes into account the many concerns of the business community of both countries in an effort to facilitate barter trade between the neighboring countries of Iran and Pakistan.
The development comes more than two months after Iran and Pakistan agreed to more than double their annual agricultural trade.
Under the agreement reached in Tehran on August 18, trade between Iran and Pakistan is planned to increase from the current $1.4 billion annually to $3 billion within the next two years.
MNA/Press TV