QUETTA: Federal Ministry of Commerce has exempted 57 items from the mandatory Certificate of Origin (COO) requirement for trade with Iran.
The business community has hailed the move as a breakthrough that will make trade with Iran easier and more attractive for Pakistani businessmen.
The decision was confirmed during a high-level Zoom meeting chaired by Member Customs Policy, Ashhad Jawad. The meeting, which included officials from customs, the State Bank, and Haji Muhammad Ayub Maryani, President of the Chamber of Commerce and Industry Quetta Balochistan, focused on resolving long-standing trade barriers.
Ashhad Jawad stated that promoting legal trade is essential for the country’s economic prosperity and that this exemption is a key part of that effort. He praised the role of the Chamber of Commerce in facilitating this progress.
President Maryani commended the ministry for listening to the business community’s concerns. He also revealed that the Chamber has submitted a list of 37 additional items to be considered for a similar exemption. He urged local businesses to take full advantage of the new facility to increase trade with Iran and assured them that the Chamber would continue to work to resolve their issues.
Also read: Jam Kamal: Pakistan to facilitate Turkish investment in CPEC zones
Last month Pakistan and Turkey have pledged to significantly expand their economic and strategic partnership, with a special focus on trade, energy, and defense cooperation.
The agreement was reached during the 16th session of the Pakistan-Turkey Joint Ministerial Commission, co-chaired by Pakistan’s Federal Minister for Commerce, Jam Kamal, and Turkey’s Minister of Defense.
In his address, Minister Jam Kamal highlighted the deep, long-standing friendship between the two nations and stressed the need to further strengthen trade relations. A key outcome was the mutual decision to fast-track the implementation of the Trade in Goods Agreement to boost bilateral trade.
To attract foreign investment, Pakistan announced it would offer special facilities to Turkish companies in the Special Economic Zones of the China-Pakistan Economic Corridor (CPEC).
