LAHORE - The President Mashhad Chamber of Commerce, Industries and Mines Gholam Hossein Shafeai, has stressed the need for establishment of a common market of Muslim countries as they have the potential to fulfil 90 percent of their needs on their own. He was speaking at the Lahore Chamber of Commerce and Industry here on Wednesday. LCCI President Mohammad Ali Mian, Consul General of Iran Saeed Kharazi, Senior Vice President Mian Muzaffar Ali, Vice President Shafqat Saeed Piracha, former Presidents Mian Tajammal Hussain, Mohsin Raza Bokhari and Mian Shafqat Ali also spoke on the occasion. Hossein Shafeai, who was heading a strong 14-member business delegation, said that Pakistan and Iran were among the founders of ECO but were not enjoying their due status at this prestigious forum. He said that the volume of mutual trade between Pakistan and Iran does not match with level of their brotherly relations. He said that both countries should remove hurdles coming in the way of promotion of mutual trade. He said that Kharasan and Punjab should enhance their trade ties as it would help Pakistan to strength its relations with Central Asian States. Speaking on the occasion, the LCCI President Mohammad Ali Mian said that the forum of the ECO has the potential to create an economic bloc, therefore efforts should be made to revive Economic Corporation Organization (ECO) in its true sense as the developed world is benefiting a lot in its economic goals due to collective participation. He said the understanding between countries of the developing world is the most effective way for solution of their problems. The examples of the European Union, NAFTA and ASEAN are before all of us. The LCCI President said that Pakistan and Iran are two brotherly Islamic countries. Therefore, maximum efforts are needed to strengthen our relations in all fields. Market research should be conducted regarding the range of products. Priority should be given to each other for import of goods rather than buying from distant countries. There is a lot of scope for collaboration in SMEs and mega projects like onshore and offshore oil & gas exploration activities, hydel and coal based energy projects, paper & board, sugar, cement, chemicals, transport and communication, construction of roads in Pakistan, scientific & educational cooperation, handicrafts, artificial jewellery, carpets, fancy furniture etc. Mohammad Ali Mian said Pakistan is basically an agricultural country bestowed with variety of seasons and agro-based products. But due to lack of post harvest technology a lot of agriculture produce is wasted. Hence, cooperation in technology from Iran can help Pakistan's agro-based food processing and dairy industry to improve. Pakistan is one of the leading countries and known around the globe for its textile potential and products, which still needs to be properly introduced in Iranian business houses. Such efforts can also prove vital to equalise our trade balance. Moreover, Cereals were the largest export item to Iran, which accounts for 44.89 percent of total exports. Articles of leather, animal gut, harness, travel goods, cotton and man-made staple fibres have the share between 9 to 12 percent He said Pakistan has always experienced an adverse balance of trade with Iran, which suggests that Iran needs to import more from Pakistan to create a win-win situation for both the countries. In his address, Consul General of Iran Saeed Kharazi said that Agriculture, Tourism sector and Metal industry of Iran have a lot of opportunities of investment so Pakistani business community should avail this opportunity. He said that both the countries should take measures to enhance the mutual trade and Chambers of Commerce & Industry of both countries could play a vital role in this regard. He said that Iran have organized five exhibitions in Pakistan and hoped that sixth would be held at Lahore this year. At the end of the meeting, the delegation had a one-to-one meeting with their Pakistani counterparts.