AIRLINK 175.89 Decreased By ▼ -0.93 (-0.53%)
BOP 10.98 Decreased By ▼ -0.11 (-0.99%)
CNERGY 8.00 Increased By ▲ 0.06 (0.76%)
FCCL 46.12 Increased By ▲ 1.18 (2.63%)
FFL 16.07 Decreased By ▼ -0.04 (-0.25%)
FLYNG 27.42 Decreased By ▼ -0.86 (-3.04%)
HUBC 143.96 Increased By ▲ 2.18 (1.54%)
HUMNL 13.35 Increased By ▲ 0.10 (0.75%)
KEL 4.50 Increased By ▲ 0.07 (1.58%)
KOSM 5.98 Decreased By ▼ -0.05 (-0.83%)
MLCF 59.50 Increased By ▲ 1.05 (1.8%)
OGDC 232.75 Increased By ▲ 8.56 (3.82%)
PACE 5.88 Decreased By ▼ -0.05 (-0.84%)
PAEL 47.48 Increased By ▲ 1.58 (3.44%)
PIAHCLA 17.97 Decreased By ▼ -0.19 (-1.05%)
PIBTL 10.58 Decreased By ▼ -0.02 (-0.19%)
POWER 11.38 Increased By ▲ 0.08 (0.71%)
PPL 193.30 Increased By ▲ 7.82 (4.22%)
PRL 37.00 Increased By ▲ 0.09 (0.24%)
PTC 23.77 Increased By ▲ 0.08 (0.34%)
SEARL 99.87 Increased By ▲ 1.47 (1.49%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 37.19 Decreased By ▼ -0.19 (-0.51%)
SYM 14.95 Decreased By ▼ -0.06 (-0.4%)
TELE 7.75 Decreased By ▼ -0.07 (-0.9%)
TPLP 10.87 Decreased By ▼ -0.09 (-0.82%)
TRG 65.14 Decreased By ▼ -1.00 (-1.51%)
WAVESAPP 10.91 Increased By ▲ 0.03 (0.28%)
WTL 1.34 No Change ▼ 0.00 (0%)
YOUW 3.81 No Change ▼ 0.00 (0%)
AIRLINK 175.89 Decreased By ▼ -0.93 (-0.53%)
BOP 10.98 Decreased By ▼ -0.11 (-0.99%)
CNERGY 8.00 Increased By ▲ 0.06 (0.76%)
FCCL 46.12 Increased By ▲ 1.18 (2.63%)
FFL 16.07 Decreased By ▼ -0.04 (-0.25%)
FLYNG 27.42 Decreased By ▼ -0.86 (-3.04%)
HUBC 143.96 Increased By ▲ 2.18 (1.54%)
HUMNL 13.35 Increased By ▲ 0.10 (0.75%)
KEL 4.50 Increased By ▲ 0.07 (1.58%)
KOSM 5.98 Decreased By ▼ -0.05 (-0.83%)
MLCF 59.50 Increased By ▲ 1.05 (1.8%)
OGDC 232.75 Increased By ▲ 8.56 (3.82%)
PACE 5.88 Decreased By ▼ -0.05 (-0.84%)
PAEL 47.48 Increased By ▲ 1.58 (3.44%)
PIAHCLA 17.97 Decreased By ▼ -0.19 (-1.05%)
PIBTL 10.58 Decreased By ▼ -0.02 (-0.19%)
POWER 11.38 Increased By ▲ 0.08 (0.71%)
PPL 193.30 Increased By ▲ 7.82 (4.22%)
PRL 37.00 Increased By ▲ 0.09 (0.24%)
PTC 23.77 Increased By ▲ 0.08 (0.34%)
SEARL 99.87 Increased By ▲ 1.47 (1.49%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 37.19 Decreased By ▼ -0.19 (-0.51%)
SYM 14.95 Decreased By ▼ -0.06 (-0.4%)
TELE 7.75 Decreased By ▼ -0.07 (-0.9%)
TPLP 10.87 Decreased By ▼ -0.09 (-0.82%)
TRG 65.14 Decreased By ▼ -1.00 (-1.51%)
WAVESAPP 10.91 Increased By ▲ 0.03 (0.28%)
WTL 1.34 No Change ▼ 0.00 (0%)
YOUW 3.81 No Change ▼ 0.00 (0%)
BR100 12,609 Increased By 173.5 (1.4%)
BR30 39,262 Increased By 678.1 (1.76%)
KSE100 117,772 Increased By 1139.1 (0.98%)
KSE30 36,296 Increased By 474.7 (1.33%)

ISLAMABAD: Exporters, Wednesday, threatened closure of barter trade arrangement between Pakistan and Iran due to blockage of Iranian vehicles carrying imported consignments by Pakistani customs department.

The Senate Standing Committee on Finance took up the issue of 600 trucks carrying trade goods which are stuck on the Pakistan-Iran border because the custom officials are demanding import order.

The committee decided that the importers should immediately file goods declarations (GDs) with customs department for immediate release of stuck up Iranian containers.

Pakistani exporters informed Senate Standing Committee on Finance on Wednesday that customs department is seeking bank guarantees from Iranian vehicles have serious implications. The Iranian side would also ask about same kind of guarantees which would result in closure of trade. “The customs department only knows to block exporters or take bribes for clearance of consignments,” exporters alleged.

Finance Minister Muhammad Aurangzeb directed Federal Board of Revenue (FBR) chairman to resolve the issue on top priority basis.

“For the first time, no smuggling of sugar has taken place to Afghanistan. The sugar has been exported to Afghanistan,” the finance minister added.

Exporters stated that there is no condition under the barter trade arrangement that the goods coming from Iran should be of Iranian origin. “If we are sending rice/sugar etc to Iran under barter trade arrangement, the same quality of goods would come through Iran. There is no restriction that the goods should be of Iranian origin. Customs department has stopped Iranian vehicles taking the plea that the goods coming from Iran also has items of other foreign origins like China.

The FBR Member Customs (Operations) informed the committee that the SRO, allowing barter trade with Iran, Afghanistan and Russia is complicated. It is a complicated scheme. Under the facility, only Iranian origin goods are permissible and not goods from other origins. However, one–time waiver has been given by Commerce Ministry to clear goods of other origins for two months’ period.

The FBR is not seeking bank guarantees from Iranian banks, but local bank guarantees which is released on payment of duties and taxes, the FBR member added.

The FBR chairman assured the committee that the FBR will seek a clarification from the Commerce Ministry for allowing importer of all origin of foreign goods under the Pak-Iran barter trade arrangement.

Chairman of the committee Saleem Mandviwalla informed the committee that the condition of bank guarantee must be abolished for Iranian vehicles. Otherwise, barter trade with Iran would come to a halt. They will also stop our trucks which would lead to crises, he added.

Senator Anusha Rahman stated that the Commerce Ministry’s SRO do not talk about the submission of bank guarantees.

FBR Member Customs (Operations) responded that the movement of Iranian vehicles from Taftan to NLC Dry Port, Quetta carrying imported goods is regulated under the “Agreement on Bilateral Road Transportation of Goods between Pakistan and Iran”.

Iranian vehicles are allowed to enter Pakistan as temporary import on the basis of valid Carnet-de-Passage. Goods cleared for home consumption at Taftan after payment of duty/taxes are allowed transportation to Quetta loaded on Iranian trucks. However, in case of transshipment of goods to Quetta without payment of duties and taxes at Taftan, the Iranian transport operator is required to furnish bank guarantee equivalent to the amount of duties and taxes applicable on such goods.

Copyright Business Recorder, 2025

Comments

200 characters