Pakistan's Commerce Ministry issued statutory regulatory order (SRO), officially allowing barter trade with Iran.
“Barter trade has tremendous importance to increase regional trade to overcome foreign exchange and other challenges,” the ministry said.
Rahim Hayat Qureshi, Pakistan Ambassador to Iran, termed the decision a welcoming development, saying it was being pursued by the embassy in conjunction with the ministry and other related ministries and institutions. “It will provide a boost in our exports to Iran, especially of rice.”
Qureshi urged private sector to step forward and take advantage of the given opportunity.
He stated that the embassy would stand ready to provide all possible assistance to the private sector in this regard. “The embassy looks forward to hosting different chambers, especially Rice Exporters Association of Pakistan (REAP) in Tehran to give further impetus to our exports to Iran.”
Meanwhile, business community of Balochistan has welcomed opportunities for barter trade with Iran with a request to the Federal Board of Revenue (FBR) to immediately take measures to implement the decision through Customs in border areas.
In a statement issued Fida Hussain Dashti, president, Quetta-Balochistan Chamber of Commerce and Industry said that the decision of barter trade would increase business activities with Iran by providing job opportunities to small local businessmen.
The legal cover given to the barter trade was a major demand of the business community of Balochistan.
The decision would be instrumental in facilitating the poor local people working near border areas of Iran.
The exporters of Balochistan would have a unique opportunity to engage in barter trade with the neighbouring country.
In light of detailed deliberations involving relevant public and private sector stakeholders, the State Bank of Pakistan has endorsed a proposal for establishing a barter trade mechanism between Pakistan and Iran as the best viable option.
Fida added that the FBR has to play its important role in placing the necessary infrastructure and Customs staff to ensure smooth implementation of the barter trade arrangement agreed between the two countries.
He further said that both governments have committed to expand barter trade arrangements by involving other chambers.
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