FPCCI urges barter trade with Iran

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has advocated promotion of barter trade between Pakistan and Iran as the Preferential Trade Agreement (PTA) between the two countries was not fully utilised due to international sanctions on Iran.

FPCCI President Daroo Khan Achakzai, in a statement, appreciated the prime minister’s visit to Iran and said it would open opportunities for enhancing bilateral trade and economic cooperation. Presently, Pakistan and Iran enjoy PTA which gives concessions on 18 percent of items, but this PTA was not being utilised fully due to international sanctions on Iran. “Pakistan is losing its market of mangoes, rice, citrus fruit and other agriculture items,” he added.

He urged on the promotion of barter trade between both nations, as Pakistan has huge potential in exporting of agriculture products and edible fruit and vegetables, while in return Iran has potential to export crude oil and petroleum products.

Quoting statistics, the FPCCI president said bilateral trade between Pakistan and Iran stood at $398.5 million, wherein the volume of Pakistan’s export to Iran was $21.0 million and import from Iran was $377.4 million.