ISLAMABAD, May 8 (APP): United International Business Group on Sunday said a Free Trade Agreement (FTA) with Iran was in the interest of Pakistan.
Electricity and gas import from Iran will boost economic activities in Pakistan, so there is need to consider importing five thousand megawatt electricity from Tehran, said Mian Shahid Chairman of the Group in a statement here on Sunday.
Mian Shahid lauded the government for initiating serious efforts to boost trade with Iran , terming them satisfactory as the two countries can become important trading partners for which a trade deal is imperative.
He said that Pakistan should look into the option to enhance electricity imports to 5000 megawatt while start importing petroleum products to diversify it as depending on single source.
He said that pipeline project was still under sanctions therefore every option should be explored.
The business leader said that bilateral trade which was once one billion dollars but now Pakistan's exports had comedown to 128 million dollars despite the agreement between thetwo countries to boost trade to five billion dollars.
Pakistani beef, rice, fruit, vegetable, sports goods and IT services were in great demand in neighboring nation, he added.
Pakistan should not waste any time for opening up the banking channels with Iran and improve transport infrastructure, he added.
Improved trade with Iran can also help bail out textile sector, he said.
He noted that Tehran's inclination to take part in economic corridor project will gain momentum if FTA was signed which would benefit both countries while Iranian companies would invest in Pakistan.