Nov 20, 2021, 6:24 PM
Journalist ID: 2053
News Code: 84548846
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No time should be wasted in establishing Pak-Iran joint barter chamber

Karachi, IRNA -- The President of the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) expressing strong support for the expansion of bilateral trade with the Islamic Republic of Iran, called for practical steps by the two countries to remove obstacles and implement a mechanism to facilitate each other's trade.

Nasser Hyatt Magoo in an exclusive interview with IRNA emphasized that no time should be wasted in establishing a clearinghouse or joint barter chamber.

He said the Federation of Pakistan Chamber of Commerce and Industry has done many deliberations on Iran-Pakistan trade with the ministry of commerce and State Bank of Pakistan.

Trade activist said Pakistani banks could not move forward with Iran because of the US anti-Iran sanctions.

The FPCCI President noted we have proposed the barter trade mechanism on the pattern of the EU and some other countries with Iran. “We have had many meetings with the ministry of commerce in this regard and are getting near to implementing the barter trade mechanism,” he said.

Nasser Hyatt Magoo added the barter trade can only take place through the border and mostly would benefit the residents of border areas so during our visit to Balochistan we gave the responsibility to Quetta Chamber of Commerce and Industry to establish a clearinghouse with the cooperation of Zahedan Chamber of Commerce and Industry.

“We need a clearinghouse to make a complete record and statistics of the barter trade with Iran and we are working on this mechanism. We have also talked to a consultant to cover the legal and professional aspects of the mechanism,” he said.

No time should be wasted in establishing Pak-Iran joint barter chamber

He said that "I have been doing a lot of business with Iran and going there since 1986. I hope and wish that trade with Iran would move forward".

“Most of the trade in the world is among the regions and it is necessary for both Iran and Pakistan to make the barter trade mechanism a success. We are trying our best to set up a clearinghouse with the cooperation of QCCI and ZCCI to start this project,” said the President of FPCCI.  

Nasser Hyatt Magoo added currently "we only have a list of the products but I have advised the concerned authorities to start the barter trade instead of wasting time in making lists".

“People of Iran and Pakistan are like brothers so we are ready to do business with Iran keeping in view all the aspects,” he said.

The trade activist went on to say traders of Balochistan are with us and soon we will implement a barter trade mechanism with Iran.

He said that "we won’t get involved with the state bank in this process as no bank would agree to stand against the American sanctions but if the two chambers of bordering provinces establish a clearinghouse our trade will be kicked off without any hurdle".

"I think both sides need to sit together for establishing the clearinghouse and should not get too much involved in legalities of the matter," he stressed.

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