Senate seeks clarity on barter trade

The Senate Panel on Tuesday has urged the Commerce Ministry to address confusion surrounding Pakistan's barter trade policy with Iran, Afghanistan, and Russia, warning that unclear frameworks risk undermining trade potential. The Senate Standing Committee on Commerce Chaired by Senator Anusha Rehman took up the barter trade issues with Iran. The high-level committee meeting focused on mechanisms to achieve the government's export targets, with a particular emphasis on the evolving barter trade arrangements with neighbouring countries. The committee directed the Ministry of Commerce to expedite the approval of pending summaries for barter trade and amendments to the Import Policy Order. Members expressed concern over policy ambiguity, especially regarding trade with Iran, Russia, and Afghanistan under a barter system following banking restrictions with these countries.