TEHRAN - The chairman of the Pakistan Businessmen Panel has called on his government to implement the Barter Trade Mechanism with the Islamic Republic of Iran as soon as possible, the daily newspaper Business Recorder reported.

“All concerned departments, particularly the central bank should start working on the implementation of the barter trade through approved crossing points without any further delay,” said Mian Anjum Nisar.

He appreciated Islamabad, as well as Tehran, to take serious initiatives to remove obstacles in the path of bilateral trade, asking Iran to also take benefit of the China-Pakistan Economic Corridor projects.

Anjum Nisar said that due to a lack of banking channels with Iran, some issues existed in trading with Tehran. The barter trade issue with Iran has now been resolved, which is a welcome step for both Muslim neighboring nations.

The BMP chairman said that the governments of Pakistan and Iran have decided that a barter trade mechanism will be established between Quetta Chamber of Commerce and Industry and Zahedan Chamber of Commerce and Industry or any other counterpart chambers, identifying over 50 items for bilateral trade with rice and petroleum products at the top of the list.

He said that under the arrangement, the barter trade could be done via land route through legal customs and notified border crossing points without any monetary transaction.

Earlier this month, Iran and Pakistan inked an agreement to initiate barter trade during a visit of Pakistan’s Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood to Tehran.

Dawood paid an official visit to Iran to participate in the ninth meeting of the Iran-Pakistan Joint Trade Committee held in Tehran November 6-7 during which both sides agreed to increase the bilateral trade volume to $5 billion.

EF/MG