In an effort to relieve pressure on its rapidly diminishing foreign reserves, cash-strapped Pakistan has established a barter trading agreement for some items with Russia, Iran, and Afghanistan. The Ministry of Commerce issued the Statutory Regulatory Order – a declaration outlining the procedure – on Thursday, allowing both state-owned and private enterprises to engage in goods-for-goods trade, with the Federal Board of Revenue requiring private enterprises to be listed as active taxpayers. It added that authorized agents will commence trade by submitting applications through the FBR’s web site. According to the order, the application will be reviewed and examined in compliance with the current Intellectual Property Office (IPO) and Export Promotion Office (EPO) regulations, as well as the conditions indicated in the order. If the application fits the required criteria, the Collectorate of Customs may issue permission or authorization. The system will then generate an approval number that is linked to the applicant’s National Tax Number (NTN).
According to the Ministry of Commerce, Pakistan may export a wide range of critical items. The proclamation also emphasizes the possibility of exporting surgical devices and sports equipment. In terms of barter imports, Pakistan will obtain wheat, pulses, and petroleum products from Russia. It would also import Russian fertilizers and textile machinery, while neighboring countries will supply oil seeds, minerals, cotton, fruits, vegetables, spices, and dried fruits.
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