Parts makers agree on barter trade

Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) and the Iranian Auto Parts Manufacturers Association (IAPMA) have announced plans to exchange technologies and barter parts and raw material. This way both bodies will be able to exploit the immense scope of manufacturing and supplying auto parts and accessories between the two countries. A delegation of Pakistan’s auto parts makers visited Iran at the invitation of the Iranian government to attend an exhibition in Tehran. They met high-ups of Iranian chambers and IAPMA to pave the way for exploring trade avenues. Iranian officials and entrepreneurs reciprocated the cooperation between the two countries bound by religion, neighbourhood, culture and friendship. Pakistan’s embassy and its commercial section remained active during the seven-day long hectic trip. After affirming a barter trade agreement, positivity prevailed on both sides. Referring to the capabilities and long history of relationship, Iran Chamber Deputy Head of International Affairs Nilofar Esadi said both countries could fill gaps in the auto industry by cooperating in the field. In pursuance of a memorandum of understanding signed between the Iran Chamber and the Federation of Pakistan Chambers of Commerce and Industry for establishing the Iran-Pakistan Joint Business Council, Esadi emphasised “we plans to cooperate closely to develop trade with Pakistan”. Delegation head Muhammad Nasim and co-head Najamul Hassan Jawa said that Pakistan’s auto parts sector was producing top-quality parts since they were following the world’s best standards. Published in The Express Tribune, August 25th, 2023. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

source https://tribune.com.pk/story/2432329/parts-makers-agree-on-barter-trade