The volume of bilateral trade between Pakistan and Iran can comfortably swell from existing level of $1b to $5b annually if potentials of either sides were fully exploited. Coordinator to Federal Tax Ombudsman Meher Kashif Younis was talking to a delegation of Gold Ring Economic Forum think tank led by its President Hasnain Raza Mirza. He said in good old days, major chunk of entire global economic system was based on barter trade which has now been replaced with sophisticated forms, however, barter trade still exists in its archaic form in the world today. He said Pak trade ministry, couple of months ago, laid down the procedure and parameters for barter trade between both the countries by simplifying cumbersome formalities. Briefly tracing history, he said a preferential trade agreement was inked between either side in 2006 which could not be materialised due to US sanctions. He said still the mutual trade doesn’t match their respective potentials. He said private sector of both countries through frequent exchange of visits can meet mutual needs by exploring the investment avenues. He stressed the urgent need of removal of tariff and non-tariff barriers to boost the flow of bilateral trade in various sectors of cooperation through air, road, land, but unfortunately none of these modes of transportation were fully utilised economically as yet. Meher Kashif suggested the slashing customs duty on Iranian goods to check the menace of smuggling. He said both sides were resources rich countries and there was a lot of scope to further cementing economic relations through active participation of private sectors. He further suggested that Pakistan-Iran-Turkey could form an unprecedented market for their products by engaging in barter trade. The leader of delegation Mian Kamal Mahmood Amjad said Pakistan and Iran have long lasting deep rooted fraternal relations which he added should also be reflected in their trade as well. He said joint efforts were needed to promote bilateral barter trade which would greatly help save huge forex reserves of two countries.