Tehran: Vice President of the Iran Chamber of Commerce Hossein Pir-Moazzen has called on Tehran and Islamabad to progress from commodity trade to a broader economic partnership. Speaking at the Iran-Pakistan Business Conference in Islamabad on Wednesday, Pir-Moazzen emphasized the need for the two nations to enhance their economic relations by moving beyond mere trade and strengthening cooperation.

According to Islamic Republic News Agency, Pir-Moazzen highlighted the significance of utilizing the port capacities of Chabahar and Karachi to facilitate trade. He urged both countries to reduce clearance times, expedite the release of goods, and minimize stoppages at border areas. He also emphasized the importance of developing transportation and corridor cooperation, creating a private-sector database, and removing tariff and non-tariff barriers.

Pir-Moazzen praised Iran's industrial position in the region and stressed the potential for joint production and investment between Iran and Pakistan. While private sectors from both countries are ready to increase trade, existing barriers need to be addressed, particularly in banking and money transfer.

He further emphasized the need to overcome obstacles in transportation and logistics to make cargo routes faster, cheaper, and more predictable. Utilizing the capacities of Chabahar and Karachi ports, along with enhanced cooperation in railways and road transport, could significantly boost Iran-Pakistan trade.

Pir-Moazzen proposed establishing a dispute resolution and arbitration mechanism between the chambers of commerce of both countries. He also highlighted the potential for Iran to offer significant capacities to Pakistan's private sector in various fields, including energy, petrochemicals, food industries, agriculture, technology, and industrial equipment. Additionally, Pakistan's large market could serve as a gateway for Iranian companies to South Asian markets, while Iran's geographical position could provide Pakistani companies access to Central Asian, Caucasian, Iraqi, and Persian Gulf markets.