Monday, October 2, 2023

Pakistan Plans to Ditch Dollar for International Trade to Overcome Dollar Shortage

According to the announcement, state-owned and private enterprises in Pakistan will be allowed to trade goods in exchange for goods. However, it is necessary for private enterprises to be listed as active taxpayers by the Federal Board of Revenue (FBR).

To engage in goods trading, businesses must also have the Pakistan Single Window System and an import-export license, and they need to submit an application through the FBR’s online portal.

Moreover, it is now mandatory to obtain verification from the Pakistani mission in the respective country for trading goods. The Ministry of Commerce has specified a range of products that can be exported from Pakistan, including milk, cream, eggs, cereals, meat, fish products, fruits, vegetables, rice, bakery items, salt, oil, perfume, cosmetics, chemicals, plastic, rubber, leather, wood products, paper, footwear, iron, steel, copper, aluminum, cutlery, electric fans, home appliances, and motorcycles.

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