Iranian Minister of Trade Alireza Razm-Hosseini said the country is ready to barter its electricity with rice from Pakistan, saying the launch of the exchange mechanism is waiting for a final decision by financial authorities in Islamabad.
Iran, Malaysia, Turkey and Qatar are considering trading among themselves in gold and via barter trade as a hedge against any future economic sanctions on them, Malaysian Prime Minister Mahathir Mohamad said on Saturday.
Iran’s Minister of Industry, Mine and Trade Reza Rahmani traveled to Pakistan to follow up on an idea floated during a recent meeting between leaders of the two neighboring countries to set up a barter exchange mechanism for trading goods.
Members of the Rice Exporters Association of Pakistan (REAP) are pressing the government to make arrangements for rice export to Iran in exchange for the money Pakistan has to pay for electricity import.
Western media reported over the weekend that Russia and Iran will soon start what has long been described as an "oil-for-food" barter scheme. They quoted a report by Bloomberg in which Iran's Oil Minister Bijan Namdar Zanganeh had said the scheme will be launched within the next days.