ISLAMABAD: Finance Minsiter Senator Ishaq Dar on Thursday directed the concerned ministries and departments to resolve outstanding issues and remove impediments before the Joint Economic Commission (JEC) to be held soon in order to exploit full potential of bilateral trade between Pakistan and Iran.
Chairing a meeting on facilitating Pakistan-Iran trade, within the ambit of United Nations (UN) sanctions he said during Nawaz’s visit to Iran, both the sides had reaffirmed their commitment that while remaining within the ambit of UN sanctions, mutual trade and cooperation would be enhanced with barter trade and commodities exchange mechanism.
We need to build mutual confidence to overcome the impediments in barter trade and commodity exchanges facilities enabling the two countries to benefit from their proximity and neighborhood. Finance Secretary Dr Waqar Masood briefed the participants on the decisions made in the last meting held on July 5, 2014 and progress made so far. He informed in consultation with all the stakeholders, there were avenues, which could be followed for trading with Iran on non-prescribed items and through non sanctioned entities. He said National Transmission and Despatch Company was willing to clear outstanding dues of Iran on account of supply of electricity to border areas and in this regard. Commerce Ministry is taking appropriate steps for commodity exchange, he added. It was informed Iran has already laid down transmission lines up to their border for possible power supply to Gwadar and adjoining towns.
Secretary Commerce informed consultations were already at advanced stage for supply of Basmati rice and wheat to Iran on account of commodity exchange. He informed Iran has recently lifted ban on mango import from Pakistan and the gesture has set the pitch for enhanced barter trade.
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