ISLAMABAD, Jun 02 (APP):
After the approval of Commerce Minister, Syed Naveed Qamar, the commerce ministry on Friday implemented Business-to-Business Barter Trade (B2B BT) Mechanism, 2023 that would help promote barter trade with different countries.
According to press statement issued by the ministry, the mechanism would facilitate the state owned enterprises and private entities to do barter trade with Russia, Iran and Afghanistan.
The statement said the implementation of mechanism was made possible after the commerce minister held series of meetings with high-level delegations of various counties.
The initiative is an important step towards stabilizing economy, the ministry said adding it would not only help increase foreign exchange reserves but would also help promote trade.
Under the mechanism import and export of goods under a B2B BT arrangement would be subject to the provisions of Import and Export Policy Orders for the time being in force and would comply with all relevant regulatory requirements including permits, licences, certificates, quotas, etc.
According to the statement, the traders would have to submit only application through online FBR portal
Verification by Pakistani mission in respective country would be prerequisite for trade, it said adding the traders could export milk, cream, eggs, cereals, meat, fish products, fresh fruits, vegetables chemical, plastic, rubber, leather, wood products, paper, footwear, iron, steel, electric fans and motorcycles etc. In addition, the traders could also export surgical products, sports goods.
Under the system, the traders could import wheat, pulses, petroleum, fertilizer and textile machinery products from Russia whereas from neghbouring countries, Pakistan could import oil seeds, mineral, cotton, fruits, vegetable, spices and dry fruits etc.