Speaking in a press conference, Seyyed Ehsan Khandouzi added Iran’s incumbent administration is seeking to diversify the origins of imported basic goods by using the barter mechanism.

Touching upon the advantages of barter-based methods, the administration’s economic spokesman said nongovernmental traders, not only in Iran, but also in other countries, prefer barter to minimize banking and nonbanking costs and do their business directly.

Between 25 and 30 percent of global trade is conducted through the barter system, said Khandouzi, adding many countries have now resorted to barter.

The private sector has shown the greatest willingness to do its trade through barter, as the mechanism reduces its executive costs, reiterated the minister.

In this regard, he continued, China is building a city exclusively for barter and Türkiye is also setting up a global barter center in Istanbul.