Iran, Pakistan working on barter trade mechanism

Islamabad, May 17, IRNA – Pakistan Prime Minister’s Advisor on Commerce, Textile, Industries and Production says Iran and Pakistan are working on a barter trade deal mechanism to enhance bilateral trade, local media reported.

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

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 Natural Gas (LPG) whereas Pakistan will export agricultural products.

Additional Secretary, Commerce Division, Capt. Javed Akbar (retired) 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 Federation of Chamber of Commerce and Industry (FPCCI) and Iranian Chamber are actually taking the lead in this deal.

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

Additional Secretary further stated that Pakistan's kinnow is already being exported to Iran.

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