In an inter-ministerial assembly chaired by Finance Minister Ishaq Dar on Thursday, the proposal for a barter deal for export of commodities in opposition to Iranian electrical energy dues was mentioned.
Following the go to to Tehran by Prime Minister Nawaz Sharif in Might this yr, the ministry of finance was engaged on a proposal to strike the barter deal.
This was the second assembly on the difficulty within the present month to facilitate Pak-Iran commerce throughout the ambit of UN sanctions.
In 2012, a barter deal was additionally tried on export of wheat in opposition to Iranian electrical energy dues however a impasse over the deal prevailed owing to unwillingness of the Iranian paperwork to pursue the deal.
The Iranian excellent funds are roughly $102 million for electrical energy equipped to Pakistan till June 2014 in areas bordering Balochistan.
The monthly electrical energy invoice Iran fees to Pakistan stood at $2.5m to $3m.
On Thursday, Finance Secretary Dr Waqar Masood briefed the members on the selections made within the final assembly and progress made thus far.
Dr Masood knowledgeable that in session with all of the stakeholders, there have been avenues which might be adopted for buying and selling with Iran on non-prescribed gadgets and thru non-sanctioned entities.
The secretary mentioned the Nationwide Transmission and Dispatch Firm (NTDC) was keen to clear excellent dues of Iran on account of provide of electrical energy to frame areas. On this regard, the ministry of commerce is taking applicable steps for commodity trade, he added.
The assembly was additional knowledgeable that Iran has already laid down transmission traces as much as its border for attainable energy provide to Gwadar and adjoining cities.
The electrical energy settlement is between Pakistan NTDC and Iranian Tavani, an electrical energy provide firm.
Secretary Commerce Muhammad Shehzad Arbab knowledgeable the finance minister that consultations are already at superior stage for provide of Basmati rice and wheat to Iran on account of commodity trade.
Iran has just lately lifted ban on mango import from Pakistan and the gesture has set the pitch for enhanced barter commerce, he added.
It’s value mentioning that Iran in 2012 additionally proven curiosity in barter deal for wheat in opposition to electrical energy dues however the deal couldn’t materialise owing to variations on the value of Pakistani wheat.