Pakistan Opens Barter Trade With Afghanistan, Iran & Russia

Islamabad
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.
At a time when the CPI (Consumer Price Index) touched 38 per cent and Sensitive Price Indicator (SPI) based inflation clocked to 48 per cent, Pakistan took a decision to allow barter trade with neighbouring countries, in the wake of the IMF not coming up to rescue ailing economy of the country. The government has notified the products to be imported from Afghanistan, which include fruits and nuts, vegetables and pulses, spices, minerals and metals, coal and its products, raw rubber items, raw hides and skins, cotton, and iron and steel.
From Iran, Pakistani importers are allowed to import fruits, nuts, vegetables, spices, minerals and metals, coal and related products, petroleum crude oil, LNG and LPG, chemical products, fertilisers, article of plastics and rubber, raw hides and skins, raw wool and articles of iron and steel. From Russia, Pakistani traders will be allowed to import pulses, wheat, coal and related products, petroleum oils including crude, LNG and LPG, fertilisers, tanning and dying extracts, articles of plastic and rubber, minerals and metals, chemicals products, articles of iron and steel, and items of textile industrial machinery. The Ministry of Commerce, in its statement, said that they held several meetings with high-level delegations of various countries in this regard to make the barter trade system possible.