ISLAMABAD: Pakistan has approved a revised barter trade framework to boost trade with Afghanistan, Iran, and Russia, enabling a broader and more flexible exchange of goods.
According to an official notification, the government has amended the Business-to-Business (B2B) Barter Trade Mechanism to simplify and strengthen trade procedures.
The revised framework extends the duration of barter transactions from 90 to 120 days and introduces new provisions in the import and export policy.
Under the new rules, traders must balance the value of their imports and exports every three months. Customs authorities will monitor all transactions on a quarterly basis, and the government will revoke trade authorization for any trader who fails to maintain balance within the specified period.
The government has also removed the previous restriction requiring imports to precede exports, allowing both transactions to take place simultaneously.
Private entities can now form consortiums to conduct barter trade, while authorities will impose legal and financial penalties for violations or tax defaults.
The new framework also brings exporters under the same system as importers, replacing the earlier restricted list with one aligned to the general import-export policy.
Officials said the Ministry of Commerce developed the updated policy in consultation with the State Bank of Pakistan, the Ministry of Foreign Affairs, and the Federal Board of Revenue (FBR) after the 2023 barter mechanism faced operational challenges.
A day earlie , Qatar’s Foreign Ministry has announced that Pakistan and Afghanistan have reached a ceasefire agreement. The deal was brokered during talks held in the Qatari capital, Doha.
According to an official statement, the negotiations were mediated by both Qatar and Turkey. The two neighbouring countries have also agreed to hold further meetings in the coming days. The goal is to establish a permanent mechanism to ensure long-term peace and stability.
This agreement comes after the two sides agreed to extend a prior ceasefire on Friday.
