In another step to release pressures on dwindling foreign exchange reserves, Pakistan has opened up barter trade with Afghanistan, Iran and Russia for certain items including petroleum, LNG, coal, wheat, pulses, minerals, metals, and several food items.
According to a statutory regulatory order (SRO) issued by the ministry of commerce on Friday, the government allowed the import and export of goods under B2B barter trade with the three countries, The News reported. Pakistan took a decision to allow barter trade with neighbouring countries, in the wake of the IMF not coming up to rescue the ailing economy of the country.
Sources said that the barter trade would help overcome banking transactions because, in the case of Iran, there was no possibility of transactions through official channels because of the economic sanction imposed by the US.
According to a statutory regulatory order (SRO) issued by the ministry of commerce on Friday, the government allowed the import and export of goods under B2B barter trade with the three countries, The News reported. Pakistan took a decision to allow barter trade with neighbouring countries, in the wake of the IMF not coming up to rescue the ailing economy of the country.
Sources said that the barter trade would help overcome banking transactions because, in the case of Iran, there was no possibility of transactions through official channels because of the economic sanction imposed by the US.