By India Blooms News Service Jun 04, 2023
Islamabad: In efforts to boost trade and manage a balance of payments crisis, Pakistan has implemented Business-to-Business Barter Trade Mechanism to allow barter trade with Russia, Iran and Afghanistan, according to Pakistans Ministry of Commerce.
The initiative is an important step toward stabilizing the economy, and it would not only help increase foreign exchange reserves but would also help promote trade, the ministry said in a statement on Friday.
It would facilitate state-owned enterprises and private entities to do barter trade with Russia, Iran and Afghanistan, the statement said, adding that a series of meetings were held with high-level delegations of various countries to successfully implement the mechanism of barter trade.
Under the mechanism, Pakistani traders would be able to export milk, cream, eggs, cereals, meat, fish products, fresh fruits, vegetables, chemicals, plastic, rubber, leather, wood products, paper, footwear, iron, steel, electric fans, and motorcycles.
In addition, the traders could also export surgical products and sports goods, the ministry said.
The traders could import wheat, pulses, petroleum, fertilizer, textile machinery products, oil seeds, minerals, cotton, fruits, vegetable, spices, and dry fruits from these countries under the barter trade system, according to the ministry.
(With UNI inputs)