Iran resumes barter contracts with Pakistan

Business Materials 11 April 2022 13:43 (UTC +04:00)
Iran resumes barter contracts with Pakistan

TEHRAN, Iran, April 11. Iran is resuming barter contracts with Pakistan, the head of Joint Iran-Pakistan Chamber of Commerce Mahmoud Tohidast told Trend.

"The new barter plan has been discussed by the Ministry of Economic Affairs and would improve the commercial status with Pakistan," he said

The official went on to say that it is possible to barter everything as Iran import rice and fruit from Pakistan and export oil products, steel, and petrochemical products.

The Iranian government has predicted a $16 billion trade with Pakistan via barter that could even increase further.

According to officials, Iran is bartering its petrochemical products, steel, tire, detergent, and dishware with fruits from Pakistan via border markets. The launch of the new barter plan would resume the import of rice and other commodities from Pakistan to Iran.

"The new barter contracts have been signed-in Pakistan to exchange goods with Iranian commodities. Pakistan could be a good source for bartering rice, meat, and essential goods," he noted.

Iran's trade balance has been positive compared to Pakistan and it has exported more goods to Pakistan and mostly imported rice and fruit.

Pakistan could be an intermediary country for Iran to import other essential goods.