Iran CG calls for barter mechanism to facilitate bilateral trade

LAHORE: Consul General of Iran Mehran Movahedfar suggested that both Iran and Pakistan should devise a barter mechanism on the basis of local currencies to facilitate bilateral trade.

He expressed these views while addressing a ceremony held to mark the 44th anniversary of Islamic revolution in Iran. Punjab Governor Balighur Rehman was chief guest.

CG Iran said because of lack of banking channels, custom tariff and non-tariff obstacles have made trade between the businesses of both countries difficult. He urged that government of Pakistan should take steps for increasing legal trade with Tehran and promoting linkages between financial institutions of both the countries.

He suggested that there should be a barter system on the basis of local currencies adding that Iran is already successfully operating such a system with China, Russia and other countries. He said despite sanctions Iran was ready to meet energy needs of Pakistan.

Punjab Governor Balighur Rehman, who was chief guest at the event, hoped that governments of both the neighboring countries would be able to devise some trade system to the mutual benefit of their peoples.

Prominent among those present on the occasion were PML-N’s Muhammad Mehdi, PML-Q’s Chaudhry Shafay Hussain, PTI leader Senator Waleed Iqbal, retired Justice Nasira Javed Iqbal, Dr Amjad Abbas Magsi and film producer Syed Noor.

Copyright Business Recorder, 2023