Federal Cabinet has approved a policy to promote barter trade for increasing Pakistan’s regional trade.
Syed Naveed Qamar, the federal minister of commerce, has lauded the barter trade model as one that might increase all exports from the country.
He stated that barter trade will be encouraged with Iran, Afghanistan, central Asian country, 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.