ISLAMABAD, October 20. /TASS/. Pakistan has introduced a revamped barter trade mechanism with businesses from Russia, Iran, and Afghanistan, aimed at simplifying trade procedures, the Geo News TV channel reported, citing documents of the Islamic Republic’s Ministry of Commerce.
The adopted amendments eliminate the mandatory requirement for prior export before import, allowing for the simultaneous export and import of goods, according to the report. Moreover, private companies are now permitted to set up consortiums to facilitate trade. The deadline for completing barter transactions has been extended from 90 to 120 days. Restrictions on the exchange of certain categories of goods have also been lifted, expanding the possibilities for trade operations.
In June 2023, Pakistan began implementing a barter trade mechanism with those countries. However, the initiative faced a number of restrictions and administrative barriers. The new measures are intended to make the trade process more convenient for businesses and stimulate economic cooperation in the region.
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