Sri Lanka Seeks Barter Trade With Iran: Minister

Tehran, Dec 12, IRNA – Sri Lankan Minister of Industry and Commerce Rishard Badi-ud-Din in a meeting with his Iranian counterpart, Mehdi Ghazanfari, called for barter trade with Iran. They discussed the avenues to promote commercial ties, diversifying trade relations and ways to augment barter trade between the two countries. Ghazanfari said that Iran-Sri Lanka ties are currently at the highest level and the two countries' officials have had regular diplomatic shuttles to enhance ties. He said that Iran-Sri Lanka trade stood at $1.6 billion and that the figure excluding oil was $250 million and $300 million for several years. Ghazanfari added that Iran's imports from country include tea, fiber, coconut and lead monoxide and caoutchouc sheets and exports include tar, oil, lead, dried fruits, raisin and marbles. Ghazanfari said that objective of the meeting is to promote barter trade between the two countries, adding that it will help enhance level of trade and rather reduce the role of money in trade. Iran is currently implementing power plant and refinery projects in Sri Lanka, he said. Badi-ud-Din said for his part that bilateral ties are based on friendship, mutual respect and cooperation and the two countries' ties have experienced good growth keeping up with excellent diplomatic relations. Hailing Iran's achievements in auto-manufacturing industry, he added that Sri Lanka welcomes Iranian investors' participation in the Lankan projects. Sri Lanka is an island country in the northern Indian Ocean off the southern coast of the Indian subcontinent in South Asia. Known until 1972 as Ceylon, Sri Lanka has maritime borders with India to the northwest and the Maldives to the southwest./end