Thailand, Iran mull barter trade

BANGKOK, August 29 (TNA) - Thailand and Iran are considering bilateral barter trade, with first deals expected to be on Thai rice in exchange for Iranian oil or natural gas. Foreign Minister Surapong Tovichakchaikul, who is leading a Thai delegation to attend the 16th Non-Aligned Movement (NAM) Summit in Tehran, Iran's capital, from August 28-31, told journalists on Wednesday that he earlier discussed the initiative during a bilateral meeting with his Iranian counterpart Ali Akbar Salehi on the sidelines of the ongoing NAM Summit. Surapong acknowledged he had proposed that Bangkok and Tehran adopt the traditional barter trade system, emphasizing on Thai grains in exchange for Iranian fuel products based on annual deals, rather than biennial ones, to enhance and maintain food security in Iran. According to the Thai foreign minister, Tehran has imported some one million tons of Thai rice biennially, which could affect Iran's food stocks if there were natural disasters or unfavourable weather conditions with reduced rice supply. The Thai foreign minister revealed that his Iranian counterpart initially agreed with his proposal and the Thai Embassy to Iran has been tasked with materializing the idea into a concrete bilateral action, which will unlikely affect international trade sanctions on Tehran as such the barter trade deals between Thailand and Iran, if concluded, are aimed for Iranian people's consumption with no money changed hands. Meanwhile, the foreign minister has announced at the 16th NAM Summit Thailand's stance on supporting the peaceful uses of nuclear energy, sufficiency economy and human rights protection. (TNA)