Daily Times

Mian Nasser Hyatt Maggo, President FPCCI, has hailed the Ministry of Commerce’s efforts to kick start barter trade with Iran on a mass-scale; however, he has expressed his concerns and apprehensions pertaining to the conduct of State Bank of Pakistan (SBP) for creating obstacles and showing inaction for the same.

Mian Nasser Hyatt Maggo said that SBP has misdirected MoC by advising against banking channels with Iran for sanctions-related concerns; and, not offering and advocating its due and required facilitative role for the barter trade. Any State Bank should be an enabler of trade and growth; not a block and disruptor like SBP.

Mian Nasser Hyatt Maggo maintained that when Europe, India and China can do barter trade with Iran, why Pakistan can not do that; while, Pakistan is at the greater advantage on the back of long border and geographical contiguity as compared to all other countries and regions.

Nasir Khan, VP FPCCI from Balochistan, emphasized that it is in the national interest of Pakistan to have barter trade with Iran and have marketplaces in the border areas of the two brotherly countries. He added that he considers the conduct of the Governor SBP against the national interest and detrimental to the economic growth and prosperity of Pakistan.

Nasir Khan added that Pakistani exporters can export large quantities of rice, meat, pharmaceuticals and textiles to Iran and that can translate into upwards of equivalent of five billion dollars annually; which, in turn, will create millions of jobs.