President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei on Friday appreciated the support of the Iranian Parliament for more enhanced ties between Tehran and Islamabad.

Shafei, who is on a visit to Pakistan at the head of a private sector delegation, said that the presence of a number of Iranian lawmakers in the delegation is indicative of the parliament’s support for enhancement of ties with Pakistan.

Shafei made the remarks during a meeting between the Iranian delegation and the members of Karachi Chamber of Commerce and Industry.

During the meeting, Iran’s provincial Isfahan Chamber of Commerce and the Karachi Chamber of Commerce and Industry signed different cooperation documents in different trade areas.

Addressing the meeting, President of Karachi Chamber of Commerce and Industry Muhammad Tariq Yousuf said he was not happy with the level of economic relations between the two neighboring countries.

Referring to good cooperation between Iran and Pakistan on ceramic and tile industry, Yousuf said that such cooperation can serve as a role model for bilateral cooperation in other areas.

He also said that the trade of vegetables has improved between the two countries within a barter trade mechanism. Yousuf said that although this process is still not satisfactory, it is deemed as a step forward.   

The Iran Chamber of Commerce president said in the meantime that Karachi is the economic capital of Pakistan.

Shafei regretted that despite the existence of large potentials on both sides, the level of trade between the two countries are too limited.

He expressed hope that a free trade agreement between Iran and Pakistan will be finalized soon.

Shafei also hailed signing a document for establishing a joint trade council between Tehran and Islamabad which he said is a significant move by both countries.

The Iran Chamber of Commerce president said that the two countries have agreed to form a 10-member committee to make decisions on the execution of a barter trade mechanism.

President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei expressed satisfaction on Wednesday that the free trade agreement between Iran and Pakistan will be finalized soon.

Forming a joint trade council will also be an exceptional opportunity, he said, calling on all those involved in Trade between Iran and Pakistan to become a member of this council.

Noting that the Iranian and Pakistani economies are complementary to each other, he said that Iran is one of the top energy suppliers which can help meet Pakistan’s increasing need for energy.

Shafei also referred to transit sector as one of the main areas for cooperation between Iran and Pakistan, adding that the two countries can launch a high-speed East-West corridor provided that the restrictions on electronic TIR and some other minor issues are removed.  

He said that different common grounds, including religious interests and cultural proximity, have paved the way for both countries to make further investments to boost tourism cooperation.

In the meantime, Chairman of Pakistan-Iran trade relations at FPCCI, Najam Jawa, said that banking relations are the most obstacle hindering ties between Tehran and Islamabad.

Noting that there are many grounds for making joint investment, Jawa referred to Iran’s successful experience in investing in Pakistan’s ceramic and tile industry.

He also referred to limited forex resources of both Iran and Pakistan, proposing trade between the two countries to be carried out in national currencies.

Iran should also invest in Pakistan’s food industry, he said, adding that Chinese and Turkish businesspeople are making investments in this area while Iran has done nothing in this regard.

In a meeting between a visiting Iranian private sector delegation to Pakistan and Pakistani central bank officials on Wednesday, the two sides reviewed the implementation of a barter trade mechanism between the two countries.

They also had discussions on resolving differences between Tehran and Islamabad on ways to implement barter trade.

Iran and Pakistan are seeking a barter trade mechanism in a bid to tackle the banking problems on the way of trade between the two neighboring countries.

Zahedan Chamber of Commerce is pursuing the case on behalf of Iran while Quetta Chamber of Commerce and Industry is also representing Pakistan in negotiations about barter trade with Iran.   

President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei, who is heading the Iranian delegation to Pakistan, said that relations between the two countries are exemplary.

He said that despite these close relations, the volume of trade between Iran and Pakistan is “limited and not defendable”.

Barter trade can be a good way for increasing the level of Tehran-Islamabad trade at present, Shafei said, adding that a large number a commodities are in both countries that can be bartered.

The Iran Chamber of Commerce president also stressed the need for an easy passage of the Iranian transit trucks into the Pakistani border as well as accelerating the execution of a free trade agreement between the two countries.

He also said that Iran and Pakistan can use national currencies in bilateral trade to give a boost to exchanges.

Chamber of Commerce of Iran and Pakistan have signed three different cooperation documents including among others on forming a joint trade council and resolution of trade disputes.

It comes as a private sector delegation from Iran is on a visit to Pakistan during which the Iranian businesspersons will visit the Pakistani cities of Karachi and Lahore.

The documents were signed by President of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Gholam Hossein Shafei who heads the Iranian delegation to Pakistan and President of the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) Irfan Iqbal Sheikh.

The two sides agreed to establish a joint trade council between the two countries and to devise a mechanism for the resolution of trade disputes.

The agreed upon joint trade council is expected to work alongside Iran-Pakistan Joint Chamber of Commerce to help promote economic relations between the two neighboring countries.

Speaking during an earlier meeting with his Pakistani counterpart, the Iran Chamber of Commerce president said that the two countries plan to increase bilateral trade to $5 billion.

Forming a joint trade council will also be an exceptional opportunity, he said, calling on all those involved in Trade between Iran and Pakistan to become a member of this council.

Iranian private sector is seeking to further facilitate transit cooperation with neighboring Pakistan.

Behnam Faramarzian, the director of international transportation and TIR carnet department of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), on Sunday underlined the need for border activities with Pakistan, and the urgency for customs services to be provided 24/7 to help further activate border terminals between the two countries.

Faramarzian’s comments comes on the eve of a visit to Pakistan by an Iranian private sector delegation which is due to be headed by ICCIMA President Gholam Hossein Shafei.

Exploring ways to promote transit cooperation will be one of the main agendas of the visit to Pakistan by the Iranian delegation.

Faramarzian, who will be one of the members of the Iranian delegation to Pakistan, said that during his stay in the country, he will pursue expansion of terminals on the joint border, designing a green customs corridor and easing visa issuance process for truck drivers commuting across the joint border.

He believed that resolving transit problems will leave a direct impact on the level of trade exchanges between Iran and Pakistan.

Faramarzian also said that holding talks with the Pakistani operator of Islamabad-Tehran-Istanbul (ITI) Corridor is another agenda of the visit to Pakistan by the Iranian delegation.

During their five-day stay in Pakistan, the Iranian delegation will visit the cities of Karachi and Lahore.

Apart from private sector activists, representatives from the Iranian government will also attend the delegation.

The delegation will be comprised of businesspersons active in different areas including, food and agriculture, oil and gas, electricity and water, petrochemicals, constructional and mining products, pharmaceutical equipment and cosmetics, knowledge-based technology and transportation.

Iranian private sector is seeking to further facilitate transit cooperation with neighboring Pakistan.

Behnam Faramarzian, the director of international transportation and TIR carnet department of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), on Sunday underlined the need for border activities with Pakistan, and the urgency for customs services to be provided 24/7 to help further activate border terminals between the two countries.

Faramarzian’s comments comes on the eve of a visit to Pakistan by an Iranian private sector delegation which is due to be headed by ICCIMA President Gholam Hossein Shafei.

Exploring ways to promote transit cooperation will be one of the main agendas of the visit to Pakistan by the Iranian delegation.

Faramarzian, who will be one of the members of the Iranian delegation to Pakistan, said that during his stay in the country, he will pursue expansion of terminals on the joint border, designing a green customs corridor and easing visa issuance process for truck drivers commuting across the joint border.

He believed that resolving transit problems will leave a direct impact on the level of trade exchanges between Iran and Pakistan.

Faramarzian also said that holding talks with the Pakistani operator of Islamabad-Tehran-Istanbul (ITI) Corridor is another agenda of the visit to Pakistan by the Iranian delegation.

During their five-day stay in Pakistan, the Iranian delegation will visit the cities of Karachi and Lahore.

Apart from private sector activists, representatives from the Iranian government will also attend the delegation.

The delegation will be comprised of businesspersons active in different areas including, food and agriculture, oil and gas, electricity and water, petrochemicals, constructional and mining products, pharmaceutical equipment and cosmetics, knowledge-based technology and transportation.

TEHRAN - The first freight train of Tajikistan heading for Turkey began its journey through Uzbekistan, Turkmenistan and Iran, in a ceremony on Wednesday, Deputy Transport Minister Shahriyar Afandizadeh announced.

According to Afandizadeh, senior officials from the mentioned countries attended the inauguration ceremony held in Dushanbe, Mehr News Agency reported.

The ceremony was also attended by transport companies, businessmen, and transport officials.

Upon the invitation of the Minister of Transport of Tajikistan to attend the opening ceremony of the multimodal transport corridor along Tajikistan, Uzbekistan, Turkmenistan, Iran, and Turkey's territories, delegations from these countries visited Dushanbe on October 17.

The Iranian delegation also visited the city of Kulob, which is a free zone of Tajikistan and is supposed to be the center of trade, transit and industry of Tajikistan.

Tajikistan's logistics conference was simultaneously held with the participation of various countries.

On the sidelines of this conference, bilateral meetings were held between Iran, the Minister of Transport of Uzbekistan and the Minister of Transport of Tajikistan regarding the expansion of cooperation, especially in transit, Iran's deputy transport minister said.

Targeting 20 million tons of freight transit was one of the most important agendas of these meetings. It was decided to conclude a joint action plan and a new transit agreement with Uzbekistan so that bilateral cooperation can be operational both along the north-south corridor and in the east-west corridor.

Noteworthy, during the first ministerial summit on transit cooperation among regional countries on October 8-9 which was initiated for the first time by Iran, tripling the volume of transactions and 20 million tons of freight transit through Iran's territory were targeted.

During a visit to Turkey, Iranian Minister of Petroleum Javad Owji and senior Turkish economic and energy officials held negotiations on extension of a long-term agreement for pumping Iranian gas to Turkey.

The 25-year gas deal between Iran and Turkey will expire on 2026.

The two sides discussed whether to increase Iran’s gas exports to Turkey by inking a new deal or by extending the existing agreement.

It is said that both Iran and Turkey agree on the main principles for extending the deal.

During a visit to Tehran by Turkish President Recep Tayyip Erdogan, Iran and Turkey made the initial agreement to start negotiations on a new gas exports deal that will allow increased supply of natural gas from Iran to Turkey for a period of 25 years starting in 2026.

TEHRAN – Iran and Kazakhstan have reached an agreement to resume oil swap between the two countries, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

The decision was made during the visit of President Ebrahim Raisi to Astana for attending the 6th summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA).

Iran started swapping crude oil with Kazakhstan a decade ago, but the Iranian government halted the shipments, reportedly because the deal did not allow it to benefit proportionally from rising oil prices.

Representatives of Iran, Russia and Azerbaijan have reached an agreement on the development of the western branch of the International North-South Transit Corridor (INSTC).

The agreement was signed during a ministerial meeting of Iran and five Central Asian countries + Russia and Azerbaijan (known as 6+2) in Tehran.  

Iran, Russia and Azerbaijan agreed on completion of Rasht-Astara railway as a final step to finalizing INSTC transit project.

The eight participating countries also signed a statement on transit promotion in the end of the two-day event.

Iran began the construction project of the Rasht-Astara railway in northern country early in August.

Speaking to reporters, Astara Governor Enayat Rezaeipour said that some 10,000 billion rials is estimated to be needed for the completion of the project.

He also said that the project is predicted to be complete within a 36-month time span. 

The map shows International North-South Transit Corridor (INSTC).

During a meeting between Iranian Minister of Road and Urban Development Rostam Qasemi and his Russian counterpart Vitaly Savelyev in late April, the Russian minister had expressed hope that the Rasht-Astara rail project will be completed as part of the North-South Corridor through mutual cooperation of Iran and Russia.

Savelyev said that once the rail road projects, the Rasht-Astara in particular, are completed, North Europe will be linked to India which will have many benefits for the countries on the way, including Iran and Russia.

The eastern section of the International North-South Transit Corridor (INSTC) was officially launched in July as the first rail transit cargo from Russia to India arrived in Iran through Sarakhs border crossing.