Unisame calls for making Exim bank functional for barter trade

KARACHI: The Union of Small and Medium Enterprises (Unisame) has invited the attention of the Commerce Ministry towards the incomplete modalities for barter trade with Iran, a statement said on Thursday.

Unisame President Zulfikar Thaver said that the ministry has authorised the Quetta Chamber of Commerce and Industry (QCCI) to open accounts of importers and exporters for enabling smooth and prompt payments for them.

This system is inappropriate and instead the Exim Bank could have played this role and accommodate both the parties to the barter transactions more efficiently, smoothly and without any trust deficit, he noted.

Thaver urged the State Bank of Pakistan (SBP) to take up the matter of barter trade with Iran and other countries, and make the Exim Bank functional in Pakistan to fully facilitate barter trade not only with Iran, but other countries who are ready for barter trade with Pakistan.

He said that the barter trade is considered very healthy and is the best way to get rid of smuggling across the borders, urging the ministry to expedite the mechanism to facilitate the businessmen.

The Unisame council urged the SBP to coordinate with Mincom and develop a proper system for barter trade to expedite the matter as it is believed that Mincom and QCCI are unable to conclude the modalities and are only exchanging drafts for improvement and finalising a system.