PESHAWAR: Consul General of Iran Hamid Raza Ghomi on Friday said the Islamic Republic of Iran is devising a mechanism for free trade with Pakistan to strengthen economic relations between the two brotherly Islamic countries.

“If the policy based on the mechanism is implemented, the set mutual trade target 5 billion dollars between the two countries could be achieved easily,” said Hamid Raza Ghomi while talking to Sarhad Chamber of Commerce and Industry (SCCI) President Hasnain Khurshid at the Chamber’s House here on Friday.

SCCI’s other office-bearers and officials of the Iranian Consulate General, including Hossein Maliki, Imtiaz Ali, Dr Fazal Azeem were present on the occasion.

The Iranian diplomat said both countries enjoyed cordial relations owing to common culture and religion. He said the option of barter trade was available to cement the mutual relationship between Iran and Pakistan.

The Iranian consul general suggested signing of Memorandums of Understanding (MoUs) between the SCCI and Industries and Mines Ministry in Iran for joint initiatives to promote bilateral trade.

Earlier, the SCCI chief emphasized that joint efforts should be made to enlarge mutual trade and economic relations between Pakistan and Iran.

Hasnain Khurshid pointed out that it was getting difficult to achieve mutual trade targets for lack of proper banking channels between the two countries.

An ambitious 5 billion dollars mutual trade target is being set between Pakistan and Iran, but in the last year, 504million dollars trade was carried out between the two countries, the SCCI chief pointed out.

However, he hoped the constitution mechanism for free trade would lead to the achievement of the afore-stated set Pak-Iran mutual trade target.

He said the exchange of business delegations, joint exhibitions, signing of agreements between chambers and taking benefits from each other’s experiences and launching of joint ventures would cement bilateral trade relations between Pakistan and Iran.

The SCCI chief stressed the need for early completion of the Pak-Iranian Gas pipeline project.

Ghomi said a delegation led by Khyber Pakhtunkhwa Assembly Speaker Mushtaq Ghani would soon visit Iran. He suggested to the SCCI chief to become part of the delegation as that would ensure the representation of the business community.

The Iranian diplomat agreed to the proposals made by the SCCI president and other participants. He said the SCCI should get practical and sign an agreement with the Mashhad Chamber of Iran, assuring his full assistance in this regard at every level.