Senate panel to discuss resuming barter trade with Iran, other countries

ISLAMABAD: A meeting of the Senate Standing Committee on Commerce, chaired by Senator Anusha Rehman, on Tuesday decided to take up the resumption of barter trade with Iran and other countries in order to curb smuggling.

The Senate panel also constituted a sub-committee to tackle the issues of tobacco sector. Initially the sub-committee was constituted under chairmanship of Senator Faisal Rehman but later on its chairmanship was given to Senator Sarmad Ali.

The Senate panel discussed mechanisms to achieve the export targets set by Prime Minister Shehbaz Sharif with a particular focus on the barter trade mechanism with Iran.

The committee directed the Ministry of Commerce to fast track summaries initiated for barter trade and other for the import policy order.

The committee members raised alarms over the confusion on trade with Iran, Russia and Afghanistan through a barter system, in response to the ban on banking channels with these countries.

The committee agreed to hold a meeting with the Finance Minister, Commerce Minister, and Governor State Bank. Formation of a sub-committee comprising Senator Sarmad Ali, Senators Zeeshan Khanzada and Faisal Rahman to provide recommendation on the tobacco sector was approved.