Barter trade with Afghanistan and Iran: the SAARC chamber welcomes the government’s decision – Business & Finance

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ISLAMABAD: SAARC Chamber of Commerce and Industry President Iftikhar Ali Malik said on Sunday that Pakistan’s cautious move on barter with Afghanistan and Iran will further strengthen trilateral trade relations and promote the existing economic ties between the three neighboring Muslim countries.

Addressing a delegation of traders led by Waqas Anjum who called him, he said it was a good decision by the government to allow imports and exports under barter with the two countries to promote the trade with the states of the region.

He said barter trade has considerable importance in enhancing regional trade connectivity and to do with currency and other challenges faced by countries in the region.

He said it is good to note that the Pakistani government amended the relevant part of the Import and Export Policy Ordinances 2020 to initiate barter trade under the finalized agreements after putting the parties confident stakeholders.

He called the decision an encouraging development as it was pursued by all relevant stakeholders of the three countries in faithful letter and spirit to achieve the desired results of economic cooperation and prosperity for the peoples of the region.

Iftikhar Ali Malik hoped that the appropriate barter mechanism would be put into action and finalized by the Iranian and Pakistani authorities.

He said that a special office has been established at SAARC chamber headquarters to facilitate traders from member countries, especially for Afghanistan.

A member of the delegation, former Speaker of Lahore Chamber and Chairman of Rice Exporters Association of Pakistan (REAP), Shahzad Ali Malik said that the decision will bring many opportunities for our exports to India. Iran especially rice including guard rice which is in high demand and very popular being the best. in taste all over the world.

He urged the private sector, including regional chambers, to step forward to take full advantage of this great opportunity.

He said REAP welcomed this step and called it a constructive step in the right direction to foster barter trade, he concluded.

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