Tehran: Jam Kamal Khan, Federal Minister for Commerce of Pakistan, who has traveled to Tehran to attend the 22nd Iran-Pakistan Joint Economic Commission, elaborated on the dimensions of a barter agreement between the two sides in an exclusive interview with the IRNA on Tuesday.

According to Islamic Republic News Agency, Khan revealed that both countries are working on a comprehensive roadmap to expand bilateral trade and cooperation across multiple sectors, with a shared commitment to achieving an annual trade volume of $10 billion. As part of this effort, the two sides have agreed to revise the existing Special Regulatory Order (SRO) to eliminate procedural hurdles and facilitate smoother, non-cash-based trade.

Addressing the current trade balance and future prospects, Khan emphasized the historical depth of Pakistan-Iran trade relations, noting that commerce between the two nations predates modern institutions like the WTO.

“There is a strong consensus between both governments to elevate trade to $10 billion annually,” he said. “We’ve explored all avenues to remove impediments and streamline operations. A delegation of Pakistani business leaders also held B2B meetings with their Iranian counterparts, reinforcing our commitment to private sector engagement.”

On the topic of technical and engineering collaboration, Khan pointed to promising developments in agriculture and manufacturing.

“Iran and Pakistan are both agro-based economies. Iran’s production of tractors and agricultural implements mirrors Pakistan’s capabilities. There’s significant potential for cooperation in small-scale engineering, automotive components, and industrial technologies.”

He emphasized the importance of private sector involvement in evaluating commercial viability and fostering innovation through the exchange of skills and technology.

Responding to questions about the status of barter trade arrangements, Khan confirmed that the existing SRO is being revised to remove complications identified during the Iranian president’s recent visit to Pakistan.

“The revised SRO will soon be issued by Pakistan, serving as a key enabler for accelerating barter trade,” he stated. “Relevant departments have already made substantial progress, and we expect this to unlock new opportunities for both sides.”