The Senate Standing Committee on Commerce, led by Chairman Senator Anusha Rehman, convened an important gathering to explore strategies for attaining the export goals established by Prime Minister Shehbaz Sharif. The discussion particularly emphasized the potential implementation of a barter trade system with Iran.
The panel instructed the Ministry of Commerce to expedite the processing of summaries created for barter trade as well as for the import policy directive.
The members instructed the ministry to address the confusion surrounding trade with Iran, Russia, and Afghanistan by implementing a barter system instead of continuing the parallel trade conducted via IPO.
Senator Saleem Mandviwalla emphasized the significance of barter trade as a strategy to combat cross-border smuggling. He stated, “Engaging in barter trade with Iran and Afghanistan can assist in curbing illegal activities.”
The traders who attended the meeting reported that more than 1,200 trucks have been held up at the frontier, fully loaded under barter agreements, with exports of sesame and rice taking place without the use of dollars for payment.
The committee decided to convene a meeting with the finance and commerce ministers as well as the governor of the State Bank of Pakistan regarding this matter.
The meeting endorsed the creation of a subcommittee led by Senator Sarmad Ali, including Senators Zeeshan Khanzada and Faisal Saleem Rahman, tasked with providing recommendations for the tobacco industry. It was also decided that the matter of fake medications would be examined by the Standing Committee on Health.
The trade and investment officers stationed overseas provided an update at the meeting regarding possible trade prospects, underscoring their ongoing dedication to broadening Pakistan’s presence in international markets.
Senators Sarmad Ali, Faisal Saleem Rahman, Bilal Ahmed Khan, Hamid Khan, Amir Waliuddin Chishti, Saleem Mandviwalla, and Zeeshan Khanzada participated alongside high-ranking officials from the Ministry of Commerce, members of the private sector, and overseas-based foreign trade officers at this gathering. The Minister of State for Interior, Tallal Chaudhry, was present as well.
Provided by Syndigate Media Inc. (
Syndigate.info
).
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