Tehran: The Pakistani ambassador to Tehran has announced a new Statutory Regulatory Order (SRO) from the government of Prime Minister Shehbaz Sharif on expanding barter trade with Iran. In a message on his official X account on Sunday, Muhammad Mudassir Tipu said that after ‘an exhaustive process of deliberations, many concerns of the business community of both Iran and Pakistan have been taken into account and addressed in the new SRO.’

According to Islamic Republic News Agency, the ambassador expressed hope that the new order will substantially elevate trade between the two neighbors and diversify its base. He urged industrial and business entrepreneurs of both sides to take full benefit of the new order and help expand the bilateral trade. The envoy also requested the Iranian and Pakistani Chambers of Commerce and Industries, as well as trade bodies, to share this guideline with their members, enabling them to gain mutually-beneficial trade dividends.

In a press release, Pakistan’s Ministry of Information and Broadcasting quoted Mudassir Tipu as saying that Tehran and Islamabad have amended the Business to Business (B2B) Barter Trade Mechanism, 2023 SRO, aimed at promoting trade. Last week, Pakistan’s Ministry of Finance approved a draft submitted by the Ministry of Commerce for revising barter trade with Iran. A few days later, Sharif’s cabinet also agreed to the decision by the Economic Coordination Committee on the issue.