PAJCCI Terms Barter Trade Approval Between Pakistan, Afghanistan, Iran And Russia As Dream Come True

PESHAWAR, (UrduPoint / Pakistan Point News - 6th Jun, 2023 ) :Chairman Pakistan Afghanistan Joint Chamber of Commerce and Industry (PAJCCI), Zubair Motiwala while welcoming Pakistan's government decision of initiating Barter Trade with Afghanistan, Iran and Russia has termed the development as 'dream come true'.

In a press statement issued here on Tuesday, Chairman PAJCCI stated that fruitful consequence of a series of meetings, since 2021 by PAJCCI has started bearing fruits.

PAJCCI had been recommending several measures to facilitate economic activity with Afghanistan including waiver of E-Form & EIF requirement for extended period till finalization of alternate mechanism, opening up of new border crossings, increase in timings at existing border crossings, reducing multiple and manual checks, adding items to PKR trading category, barter trade mechanism implementation, exploring new items for trade, cross-stuffing.

Finally, dreams come true as PAJCCI welcomes Barter Trade mechanism approval between Pakistan, Afghanistan, Iran and Russia, Zubair reiterated.

It merits a mention here that Ministry of Commerce issued an its order to approve Business to Business Barter Trade Mechanism 2023 to facilitate trade between Pakistan, Afghanistan, Iran and Russia.

The decision has been taken in view of current macroeconomic situation in the country and lack of formal banking sector and sanctions in Afghanistan.

According to notification Pakistan can export 26 items to Iran, Afghanistan and Russia and in return can import different items including gas, petroleum products and coal from these countries without payment in Dollars.

President PAJCCI, Qazi Zahid stated that the organization has made a long struggle in highlighting the importance of barter trade and held several meetings with concerned officials both in Pakistan and Afghanistan.

Former President, Executive Director Junaid Makda also stated that "The decision is timely and in right direction while keeping in view the problems being faced by business community dealing in trade with Afghanistan,"The decision of allowing barter trade will prove as win-win situation for all the stakeholders and usherin a new era of prosperity and development through promotion of commerce and trade in the whole region, they added.