Monday, October 2, 2023

Pakistan to Start Barter Trade with Iran, Afghanistan and Russia

The Ministry of Commerce in Pakistan has officially approved barter trade in goods with Iran, Afghanistan, and Russia. This means that public and private entities can engage in the import and export of goods with these countries using a ‘Business-to-Business (B2B) Barter Trade Mechanism’.

To participate in this barter trade, importers and exporters need to be registered taxpayers and subscribed to the Pakistan Single Window (PSW) system. They can apply for authorization of import and export of goods through an online system.

The trade of goods will follow the principle of “import followed by export,” ensuring that the value of the exported goods matches the value of the imported goods.

Pakistan can export 26 different goods to Afghanistan, Iran, and Russia, including dairy products, meat and fish, fruits and vegetables, pharmaceutical products, leather goods, footwear, steel, and sports goods. From Afghanistan, Pakistan can import fruits, vegetables, spices, minerals, coal, rubber items, cotton, and iron and steel. From Iran, Pakistani traders can import fruits, vegetables, spices, petroleum products, chemicals, and articles of iron and steel. Imports from Russia include pulses, wheat, coal, petroleum products, fertilizers, textiles, and machinery.

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