News ID: 318069
Published: 0323 GMT November 20, 2021

Pakistan to import LPG from Iran in exchange for rice

Pakistan to import LPG from Iran in exchange for rice

According to Abdul Razak Dawood, the adviser to Pakistani prime minister on trade and commerce, Pakistan and Iran have agreed on a barter deal to trade rice and import liquefied petroleum gas (LPG).

Under the barter agreement, Pakistan would import LPG from Iran in exchange for rice, according to a memorandum of understanding signed during the 9th Joint Trade Committee (JTC) meeting in Tehran earlier this month, timesofislamabad.com reported.

Both sides agreed at the JTC to increase bilateral trade to $5 billion by 2023.

During a news conference at the Karachi Press Club, Dawood said that the barter commerce between the two neighbouring countries would begin in a month or two.

Responding to a question about US sanctions on trade with Iran, Dawood said it was an agreement between the private sectors of both sides.

The chamber of Quetta and the chamber of Zahedan have signed the deal, he said, adding that there is no involvement of banks in the barter trade.

Dawood also highlighted that the country’s exports witnessed 30 percent increase, adding that Pakistan could more increase the exports by adopting product and geographical diversification.

Pakistan’s Senate Standing Committee on Commerce was informed that an agreement was reached with Iran regarding barter trade.

This was stated by commerce secretary Sualeh Faruqi in response to a question of Senator Fida Mohammad. The meeting was chaired by Senator Zeeshan Khanzada, according to dawn.com.

Pakistani Commerce Secretary Faruqi Sualeh said due to lack of banking channels with Iran, some issues existed in trading with Tehran. The barter trade issue with Iran has been resolved, he informed.

The commerce secretary informed the Senate committee that being on the grey list had not any repercussions on Pakistan’s exports.

 

   
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