Pakistan to conduct barter trade with Afghanistan, Iran, Russia

ATLANTA (Pajhwok): The Ministry of Commerce of Pakistan has announced the conduct of barter trade with Afghanistan, Iran and Russia, according to a media report.

The ministry issued a notification to implement the ‘Business-to-Business (B2B) Barter Trade Mechanism’ that will allow public and private entities to engage with the three countries both in the import and export of goods, The Nation reported.

“Application for authorization of import and export of goods under the B2B barter trade facility shall be submitted online by the trader or their authorized agent through the online system to the regulatory collector,” the notification said.”

Under this mechanism, the trade of goods will be allowed on the principle of “import followed by export” and export would meet the value of imported goods, the report added.

The rules will allow Pakistan to import LNG, LPG as well as crude oil to meet the country’s rising energy needs, the source concluded.

aw/sa

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