1 Persons
2 June 2023 - 14:05
Pakistan facilitates barter trade with Iran

Pakistan Ministry of Commerce issued Statuary Regulatory Order (SRO), allowing barter trade with Iran and Russia from June 1, 2023.

According to the SRO, application for authorization of import and export of goods under the B2B barter trade facility shall be submitted online by traders or their authorized agents through the online BT Module in WeBOC system to the regulatory collector.

Accordingly, the application shall contain the following information: name and address of importer; name and address of exporter; description, quantity and value of goods to be imported; description, quantity and value of goods to be exported; validity and expiry dates of the contract; and declaration that the goods shall originate from the respective countries for which the Barter Trade facility has been allowed.

The Ministry of Commerce may impose country or commodity specific conditions or restrictions for imports and exports of goods under this B2B barter trade mechanism.

Export and import under this order shall be allowed in respect of the commodities and from the countries as specified in Appendix-A to this Order.

Trade of goods under a B2B BT arrangement shall be allowed on the principle of “import followed by export”.

The export would be made to the extent of value of imported goods, subject to the tolerance mechanism provided hereinafter for any exigency.

However, a Pakistani trader shall be responsible to net-off value of goods on quarterly basis, i.e., within 90 days after issuance of authorization.

Tthe barter exchange has been among the important issues  that has been discussed in Iranian and Pakistani negotiations.

News ID 195448

Tags

Your Comment

You are replying to: .
9 + 2 =