In an interview with IRNA, Zubair Tufail described the agreement of Banking and Payment Arrangement (BPA)recently signed between Bank Markazi Jomhouri Islami Iran (BMJII) and State Bank of Pakistan (SBP) as a positive development.
Ghulamali Kamyab, Vice Governor of BMJII and Riaz Riazuddin, Deputy Governor of SBP signed the agreement on April 14 on behalf of their respective central banks in Tehran.
This development comes after the Iranian president and Pakistan’s prime minister agreed to boost trade volume to $5 billion.
Zubair Tufail added that within two months of the agreement, the bilateral trade would exceed $1 billion. The figure is right now standing below one billion US dollars.
The FPCCI president said State Bank of Pakistan has already started the process to invite different banks of the country to act as Authorized Banks for undertaking trade transactions under the banking agreement with Iran.
Zubair Tufail said that SBP will nominate 3 to 4 banks to start the direct transactions with Iran. He was hopeful that by the start of next month process of opening of letter of credit (L/Cs) will start according to international laws and regulations.
“This agreement is a positive development and would give a boost to the bilateral trade which was affected by the sanctions on Iran,” he viewed.
Expressing his views on the upcoming 20th Joint Ministerial Commission (JEC) meeting between Iran and Pakistan, FPCCI president said that it could pave the way for more trade between the two neighboring states.
“We should regularly meet with each other and the JEC meeting is a major step to enhance the bilateral trade ties,” noted the business leader.
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