A Pakistani business leader has urged officials in Pakistan and Iran to prepare a framework for accelerated letter of credit (L/C) transactions for the benefit of traders on both sides of the two countries' borders.

Chairman of the Pakistan-Iran Business Council, Tariq Sayeed, says he hopes this and other trade facilitation measures will boost bilateral trade between the two countries.

Customs offices

Speaking at a meeting with Iran's commercial attaché in Karachi, Ahmad Fasihi, the Pakistani business leader said the two sides should do more to increase the present volume of bilateral trade, which currently stands at around US$638 million.

He suggested that Pakistan and Iran could achieve this goal by establishing customs offices along their shared borders.

L/C boost

Sayeed also urged trade officials in both countries to pave the way for banks to be established in each country in such a way that L/C transactions could be expedited quicker and more efficiently.

He suggested that such measures could boost bilateral trade between Pakistan and Iran to US$1 billion by the end of 2007.

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