*Islamabad, IRNA – The government of Pakistan according to the ministry ofcommerce and industry, has finalized the modalities for opening a bankingchannel with Tehran, local media reported.*

During a meeting of the National Assembly Standing Committee on Commerce,officials of the ministry informed that during the recent meeting with ahigh powered delegation led by Iranian Foreign Minister Mohammad JavadZarif, all modalities have been finalized.

According to the officials, during the meeting, both Governor and DeputyGovernor of State Bank of Pakistan were called to discuss the bankingissues.

Subsequently, the central bank has been working on the options of openingbanking links with Iran.

“We are analyzing how other countries have established trade ties with Irandespite the trade embargo,” said the officials adding that an importantmeeting was held at Ministry of Foreign Affairs, where all issues relatedto improving bilateral trade ties were discussed.

Chairman of the committee Siraj Muhammad Khan said Pakistan, during thepast four years, kept making excuses while other countries establishedtrade ties with Iran.

“We have lost four years by ignoring the potential of bilateral trade withour neighbouring country. While other neighbours including India not onlycontinued its trade ties but also improved bilateral trade with Iran,” saida member of the committee and MNA of ruling party Pakistan Muslim LeagueNawaz (PMLN) Chaudhry Asad-ur-Rehman.

Officials from the ministry of commerce informed the committee that themain stumbling block in promoting Pak-Iran bilateral trade was the lack ofbanking channels. Chairman of the committee, however, suggested startingtrade with Iran on a barter system as both sides had a number of sectors inwhich they could export and import their products.The committee also directed the ministry to especially focus on boostingtrade with neighbouring countries, especially with Iran as there were vastopportunities for Pakistani businessmen.