LAHORE – Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh said that the pact between Pakistan and Iran would remove non-tariff barriers in bilateral trade and prepare ground for a free trade agreement (FTA). Talking to journalists here, he said that it was remarkable that both the countries agreed to work on issuing long-term multiple-entry visas to businessmen and increasing direct air flights to boost the prospects of trade. “Trade in agriculture and mineral sectors offered tremendous scope, and Pakistan and Iran were ideally placed and capable enough to complement each other,” he added. “The prospects of export of services are far greater in transportation, financial, communication, insurance and IT fields. We can get cheaper oil from Iran and by exporting rice to Iran, we can get millions of foreign exchange,” the PIAF chairman mentioned. “By formulating a better strategy we can get our share back from Iranian market as India has overcome nowadays. The trade is extended to up to USD 7 million,” he added. He termed the signing of five-year Strategic Trade Cooperation Plan (2016-2021) as the beginning of a new era, which provides a great opportunity to the two nations to enhance economic cooperation to new heights. Irfan urged the Ministry of Commerce to explore various avenues to enhance bilateral trade to USD five billion in five years, in accordance with the vision of the top political leadership of the two countries during recent visit of the Iranian president. He also termed it a good omen that Iran would hold a trade and investment exhibition in Pakistan in September this year. He also said that the private sector of two countries should take lead in strengthening bilateral relations in all sectors. On this occasion, the PIAF Vice chairman Tanveer Sufi also welcomed the recent trade ties with Iran and hoped that with the re-continuation banking system, the import-export would start and LCs would open from both the sides which would be beneficial for Pakistan as exports needed some support for going in upward direction.