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Pakistan invites Iran for free trade talks: Report

Islamabad, A Pakistani Urdu news daily reports that Pakistan has invited Iran for talks on a free trade agreement (FTA).

Daily 'Ummat' quoting sources reported that Pakistan has proposed that talks could be held on April 2324 in Pakistan.

The report added that lack of direct banking channel between the two countries is the main hurdle in finalizing the free trade agreement.

The two countries had agreed on signing the FTA during the visit of Iranian President Hassan Rouhani to Islamabad in March 2016.

Recently embassy of Iran in Pakistan has stated that Iran's exports to Pakistan have increased by around 38 percent during 11 months of past Iranian year 1397 which ended on March 20, 2019.

In the past year Iran exported products worth US $ 1.128 to Pakistan. There is also 28 percent increase in the weight of the exported items which stood at 2489 tons.

According to the latest facts and figures Pakistan is the eighth most favorite destination of Iranian exports, while China is on top of the list with Iraq on second and the United Arab Emirates at third.

Leaders of Iran and Pakistan have already agreed to enhance the bilateral trade volume to $5 billion in the next five years.

Source: Islamic Republic News Agency IRNA

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