Pakistan, Iran Mull Barter Trade Mechanism

Pakistan and Iran have held negotiations over the establishment of a barter trade mechanism and to promote cooperation in the fields of customs, agriculture and trade and industry, a senior Pakistani official said.  Parliamentary Secretary for Commerce Aliya Hamza Malik told the National Assembly that the Pakistani and Iranian authorities set up a joint trade committee, co-chaired by the commerce ministers of both the countries. Malik, responding to questions, said eighth meeting of the joint trade committee was held on July 4, 2019 in Islamabad. "Both the sides conducted negotiations over the establishment of barter trade mechanism, cooperation in the fields of customs, agriculture and industry,” she said. The parliamentary secretary said commerce ministry was in the process to renew the memorandum of understanding (MoU) between Trade Development Authority of Pakistan and Iranian international exhibition body. The MoU would help foster smooth trade flows between the two neighboring countries through trade promotional tools like exhibitions, exchange of delegations and business seminars. The secretary said the ministry also initiated negotiation for free trade agreement (FTA) with Iran. A technical negotiation committee has been established for this purpose. - Kayhan