Raders who are on the list of active taxpayers and who use the Pakistan Single Window System are qualified for barter trade.
About 26 products are available for export from Pakistan to Afghanistan, Iran, and Russia.
KARACHI: The ministry of commerce announced on Friday that Pakistan has formally registered a “Business-to-Business (B2B) Barter Trade Mechanism” for trade in products with Iran, Afghanistan, and Russia. This mechanism permits both state-owned firms and private sector organisations to participate in the import and export of goods.
Barter commerce is only open to importers and exporters who are registered as active taxpayers with the Federal Board of Revenue and who use the Pakistan Single Window (FEW) System.
The notification stated that the trader or their authorised agent had to submit an online application to the regulatory collector for authorization of the import and export of products under the B2B barter trading facility.
A B2B barter trade agreement will permit the trade of goods under the “import followed by export” tenet, where export would equal the value of imported items.
The South Asian country has identified around 26 products that can be exported to Afghanistan, Iran, and Russia. These products include milk, cream, eggs, cereal, meat and fish products, fruits and vegetables, rice, salt, pharmaceuticals, finished leather and leather clothing, footwear, steel, and sporting goods.
The government has announced the items that can be imported from Afghanistan, including raw rubber goods, raw hides and skins, cotton, iron, and steel. Other items include fruits, nuts, vegetables, pulses, spices, minerals, and metals.
Pakistani importers are permitted to bring in items such as fruits, nuts, vegetables, spices, metals, coal and related products, LNG and LPG, chemical products, fertilisers, articles made of plastic and rubber, raw hides and skins, raw wool, and articles of iron and steel from Iran.
Pulses, wheat, coal and related products, petroleum oils, including crude, LNG, and LPG, fertilisers, tanning and dyeing extracts, articles made of plastic and rubber, minerals and metals, chemicals, articles made of iron and steel, and textile industrial machinery will all be permitted imports from Russia by Pakistani traders.