Under the new rules, Pakistan will be able to export a wide range of goods to Afghanistan, Iran, and Russia
There have been important developments in Pakistan's trade relations today. The Pakistani government has made significant progress in trade alliances with Iran and Syria, announcing the implementation of barter agreements.
The Department of Commerce has introduced the Business to Business (B2B) Barter Mechanism 2023. This will enable Pakistan to foster mutually beneficial exchanges with these countries.
Under the new rules, Pakistan will be able to export a wide range of goods to Afghanistan, Iran and Russia. Pakistan's agricultural sector will benefit greatly from this. Exports of meat, fruits, vegetables and rice to these countries will enable Pakistan to demonstrate the quality and diversity of its products in the international market.
Moreover, Pakistan's textile industry will gain a competitive advantage through textile exports. Pakistan will also import other items such as perfumes, cosmetics, surgical instruments and cutlery into these lucrative markets.
In addition, as a result of this agreement, Pakistan will export sporting goods to Iran and Afghanistan. Being able to export these products will promote the growth of the domestic sporting goods industry as a whole. In addition, sports-related trade ties will be strengthened and sports cooperation between countries will be promoted.
In return, Pakistan will import essential commodities including crude oil, LNG and LPG from Iran, Russia and Afghanistan to meet its energy needs. This strategic barter system not only ensures a stable supply of energy resources, but also helps reduce the country's dependence on traditional trading methods.
Pakistan can also import other items from Iran such as chemicals, fertilizers, fruits, vegetables and spices. This will increase market access in this country.
Including Russia in the barter opens up more opportunities for Pakistan. The country imports crude oil, LNG, LPG, wheat, legumes and industrial machinery from Russia. This diversified import will support Pakistan's industrial growth, meet agricultural needs and improve overall economic conditions.
The Department of Commerce's Special Revenue Order (SRO) also emphasized including minerals, metals, coal, fruits, vegetables, legumes and oilseeds in its barter system with Afghanistan. These imports will complement Pakistan's domestic needs and promote regional trade cooperation.
It is worth noting that this breakthrough in barter regulations between Pakistan, Iran, Afghanistan and Russia marks an important milestone in economic cooperation. This is expected to strengthen bilateral ties, strengthen trade ties and create new growth opportunities in multiple sectors. The move is in line with Pakistan's vision of enhancing regional connectivity and economic development, and suggests a bright future for trade between these nations.
