KARACHI: Pakistan has relaxed export rules to allow shipments of food, pharmaceuticals and tents to Iran and onward to Central Asia via Iranian territory, the commerce ministry said on Saturday, as Islamabad seeks to boost declining exports and reroute trade disrupted by regional tensions.
The temporary concession, effective from March 24 to June 21, waives requirements for bank guarantees and letters of credit (LCs) for selected exports to Iran by land, while also enabling Pakistani goods, particularly rice, to reach Central Asian Republics (CARs) and Azerbaijan through Iranian transit routes.
“Federal Minister for Commerce has been pleased to provide exemption from Para 3 of Export Policy Order 2022 which requires all exports from Pakistan to be made in compliance of foreign exchange rules, regulations and procedures,” reads a March 24 notification the commerce ministry shared with Arab News.
The provision refers to requirements governing how export payments are processed, documented and repatriated through formal banking channels.
The exemption covers exports of milled rice, seafood, potato, meat, onions, maize, citrus, banana, tomato, frozen chicken, pharmaceuticals and tents, with exporters required to submit an undertaking that proceeds will be repatriated within the prescribed period.
