Pakistan approves barter trade model to address dollar woes

ISLAMABAD: Federal Cabinet has approved a policy to promote barter trade for increasing Pakistan’s regional trade, ARY News reported.

Federal Minister for Commerce Syed Naveed Qamar has appreciated barter trade model, which he said could promote overall exports from the country.

He said that the barter trade will be promoted with Iran and Afghanistan as well as with the central Asian countries and Africa.

“China could also be included in the barter trade”, commerce minister said.
“The barter trade could address impediments in imports and it could be enhanced to billions of dollars,” Naveed Qamar said.

“The countries and regions like the European Union, United States, UK and Middle East could not be added to the barter system,” federal minister said.

“This trade model could be used for the countries having banking problems,” he said. “The barter trade model will not be opoted for the country with normal trade in surplus,” he further said.

“There is huge potential in Africa and Central Asian countries,” he said.

“We are producing solution of the dollar crisis with barter trade,” Naveed Qamar said. “Absence of banking channels is the reason behind the new trade framework,” he added.