Iran Pakistan Barter Iron Ore for Rice and Wheat

Iran and Pakistan new barter deal iron ore with rice and wheat, which the country may sign each other next month, Pakistan will receive iron ore and fertilizer from Iran in exchange for 200,000 tons of rice and 1 million tons of wheat. Pakistan has revealed that it’s working on a barter mechanism with Iran over rice trade.

An official from Pakistan’s Ministry of Water and Power said, “Pakistan will export 200,000 metric tons of rice and 1 million tons of wheat,” adding, “This will be a barter-based trade. In exchange, Pakistan will receive fertilizer and iron ore.”

However, tonnage and prices have not been finalized yet.

“We still have not decided on the quantities of the iron ore and fertilizer. But it will be equal to the price of the rice and wheat we give them,” said the official.

This week, in an unprecedented and surprising development Pakistan said that it will import 2,500 tons of basmati rice from rival India. Observers believe that the shipments could be for indirect trade with Iran.