Pakistan Approves Legal Mechanism to Facilitate Barter Trade With Iran

Date: 25 February 2022 - 22:37

News ID: ۱۰۰۴۰۴

TEHRAN - The Pakistani cabinet’s Economic Coordination Committee (ECC) on Thursday approved amendments to the country’s Export Policy Order (EXPO) 2020 and Import Policy Order (IMPO) 2020 to regulate swap trade arrangements with Iran as well as Afghanistan.
Pakistani media reported that the Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) have supported the amendments, which were proposed to the Committee by the country’s Ministry of Commerce and pursued by Prime Minister Imran Khan.
Trade between the two neighbors has been stagnating for over a decade mainly due to the sanctions imposed by the U.S. on Iran.
To circumvent the bans, Pakistan’s Quetta Chamber of Commerce inked a deal with Iran’s Zahedan Chamber of Commerce and Industry for a barter trade mechanism in November 2021.
However, Pakistani laws did not provide for barter arrangements and subjected all imports and exports to the State Bank of Pakistan’s Foreign Exchange Regulations.
To overcome the challenge, Islamabad needed amendments to EXPO and IMPO to align the regulations with arrangements of swap deals with Iran and Afghanistan.

Pakistan Int’l Trade Fair Hosts Iranian Companies

The 3rd International Consumer Product Fair kicked off in Pakistan’s port city of Karachi on Friday with the participation of eight companies from the Islamic Republic of Iran.
Hassan Nourian, the Consul General of Iran in Karachi; Shafiq-ur-Rehman, the Chairman of Pakistan Garments Manufacturers and Exporters Association; Indonesian Counsel General and managers of prominent domestic and foreign industrial companies were present on the occasion.
The participation of eight Iranian companies is the largest number of foreign companies in the event which will conclude on Sunday, February 27th after three days.
The Iranian companies are showing home appliances, confectionary products, soaps and detergents, and health equipment in the event.
It is worth mentioning that the Karachi International Consumer Product Fair is hosting several foreign and domestic manufacturers, investors and companies, in addition to those from the Islamic Republic of Iran.
This is the second post-corona exhibition in the port city of Karachi and the first at Karachi Expo Center with Iran’s collaboration.
The exhibition offers companies a wide platform to showcase their products and services and deliver their key message to a more receptive audience.
It is a great opportunity to meet customers who are pro-actively looking for new product launches and deals.
Earlier Hassan Nourian, the Consul General of Iran in Karachi, told IRNA that after the significant presence of Iranian companies in the 17th Industry, Machinery, and Renewable Energy Exhibition in Karachi in November last year, the presence of Iranian companies in another international event in the eastern neighbor is a major step to expand bilateral economic cooperation.
Referring to the efforts of the Iranian Consulate General in Karachi to strengthen trade and economic activities between the two countries and use effective opportunities to attend exhibitions, he expressed hope that the Pakistan International Trade Fair will help the two countries to explore each other’s capacities.