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Wednesday 17 July, 2024
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Pakistan will start engaging in barter trade with Russia, Iran, and Afghanistan

BY Shahzad Saeed Jun 02, 2023. 08:26 pm UPDATED: Jun 02, 2023. 08:26 pm

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The bartering of goods with Iran, Afghanistan, and Russia has received official approval from Pakistan’s Ministry of Commerce. As a result, both public and private organizations are permitted to trade goods with these nations using a “Business-to-Business (B2B) Barter Trade Mechanism.”

Importers and exporters must be registered taxpayers and members of the Pakistan Single Window (PSW) system in order to engage in this barter trade. Through an online system, they can request authorization for the import and export of goods.

The “import followed by export” rule will be followed in the trade of goods to ensure that the value of the exported goods is equal to the value of the imported goods.

Afghanistan, Iran, and Russia are three countries to which Pakistan is permitted to export 26 different products, including dairy products, meat and fish, fruits and vegetables, pharmaceuticals, leather goods, footwear, steel, and sporting goods. Pakistan has access to importing minerals, coal, coal products, cotton, rubber products, fruits, vegetables, spices, iron, and steel from Afghanistan. Pakistani traders are able to import goods like fruits, vegetables, spices, chemicals, petroleum products, and iron and steel products from Iran. Pulses, wheat, coal, petroleum products, fertilizers, textiles, and machinery are among the imports from Russia.

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