PM URGED TO CONCLUDE CURRENCY SWAP WITH IRAN ON HIS VISIT

Currency swap between Pakistan, Iran urged
Posted about 43 mins ago | Comments Off

Karachi, The Union of Small and Medium Enterprises (UNISAME) has invited the attention of prime minister (PM) Mian Muhammad Nawaz Sharif to the urgent need for currency swap agreement implementation between Iran and Pakistan and urged the PM to conclude the shelved agreement initiated by the previous governments in both the countries on his visit to Iran for promotion of bilateral trade between the two countries.

President UNISAME Zulfikar Thaver said Iran has been a big buyer of Pakistani rice since decades and the Pakistani fine rice is in great demand in Iran because of its length, look and aroma. He said unfortunately transaction difficulties are created due to remittance facilities blocked because of sanctions. It is pertinent to note that there is no bar on export and import of food and medicines yet transaction of food items were also disabled technically as Swift the international facilitator for money transfers declined to receive or remit funds to and from Iran.

He said Iran is a very significant buyer and Pakistani rice exporters have lost a huge market due to transaction difficulties with its neighbor. Due to loss of Iranian market the Pakistani rice exporters are unable to achieve their targets for superior rice purchased by Iran and as a result it is reflecting on the farmers who due to lack of demand will switch over to other lucrative crops. This will be a great blow to our rice exports and rice industry as a whole.

A currency swap or alternate arrangement for transaction settlementbetween the two countries will promote bilateral trade and Pakistan is also a buyer of Iranian goods of food items, chemicals and petroleum products and by products. India has made arrangements for smooth transfers between Iran and India and has been successful in exporting and importing to and from Iran and has pushed its rice in Iranian markets replacing Pakistani rice much liked in Iran.

Thaver thanked Qazi Habib ur Rahman the consul in Mashad, Iran for informing the Union of Rice Sellers and Union of Importers both about the revised procedures of registration of source, production code numbers and packing requirements and welcomed the delegation from Iran who intends to visit Pakistan to inspect the soil.

Qazi in his message has said that the Iranian government is expected to send a delegation of experts for soil testing of rice production fields and related facilities and it is therefore necessary to take steps to safeguard our exports like control over soil, water pollution in rice processing areas through sewerage waste water from tanneries and other units.

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