News ID: 252954
Published: 0254 GMT May 17, 2019

Iran, Pakistan working on barter trade mechanism

Iran, Pakistan working on barter trade mechanism

Pakistani prime minister’s advisor on Commerce, Textile, Industries and Production said Iran and Pakistan were working on a barter trade deal mechanism to enhance bilateral trade.

Abdul Razak Dawood, who recently accompanied Prime Minister Imran Khan to Iran, informed the National Assembly Standing Committee on Commerce and Textile that he held a meeting with the Iranian Trade Minister Reza Rahmani and discussed the ways and means of a barter trade deal between the two neighbors, IRNA reported.

He said both countries have decided to select two or three items each which can be traded through barter, adding that Iran has identified electricity and liquefied petroleum gas (LPG), whereas Pakistan will export agricultural products.

Also, Pakistani Secretary of Commerce Javed Akbar further explained that both countries are working together to improve the barter trade mechanism, and State Bank of Pakistan (SBP) is extending help in this regard.

He further stated that the Federation of Chamber of Commerce and Industry (FPCCI) and Iranian Chamber of Commerce are actually taking the lead in this deal.

The report said there has always been demand for medical and surgical instruments in Pakistan, and Pakistani rice and fruits in Iran.

 

   
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