Senate committee asks Commerce ministry to expedite barter trade mechanism with Iran, Afghanistan & Russia

ISLAMABAD, May 7 (APP): A high-level meeting of the Senate Standing Committee on Commerce on Tuesday discussed mechanisms to achieve the export targets set by Prime Minister Muhammad Shehbaz Sharif, with a particular focus on the barter trade mechanism with Iran, Afghanistan and Russia.
Chaired by Senator Anusha Rehman, the meeting was attended by Senators including Sarmad Ali, Faisal Saleem Rehman, Bilal Ahmed Khan, Hamid Khan, Amir Waliuddin Chishti, Saleem Mandviwalla, Zeeshan Khanzada, and Muhammad Talal Badar, along with senior officials from the Ministry of Commerce, representatives from private sector, and international trade officers posted abroad.
The committee directed the Ministry of Commerce to fast track summaries initiated for barter trade and for the import policy order. It also emphasized to resolve the confusion on trade with Iran, Russia and Afghanistan through a barter system in comparison with the parallel trade ongoing under IPO.
Senator Saleem Mandviwala reiterated the strategic importance of barter trade in tackling cross-border smuggling, saying it would help prevent smuggling to and from Iran and Afghanistan.
The committee agreed to hold a meeting with the Finance Minister, Commerce Minister, and Governor State Bank.
The committee approved the formation of a sub-committee headed by Senator Sarmad Ali with other members including Senators Zeeshan Khanzada and Faisal Rahman for recommendations on tobacco sector.
It was agreed that the issue of counterfeit medicines would be reviewed by the Standing Committee on Health.
The Trade and Investment Officers (TIOs) posted abroad also briefed the committee on potential trade opportunities, marking a continued commitment to expanding Pakistan’s global trade footprint.