LAHORE: Coordinator to Federal Tax Ombudsman Meher Kashif Younis hailed the timely judicious decision of barter trade among Russia, Iran and Afghanistan.
He said that in prevailing circumstances, it was the need of the hour which will provide economic opportunities to Pakistan by facilitating the exchange of goods and services without the need for immediate cash transactions.
Talking to a delegation of industrialists led by Engineer Mian Zeeshan Elahi CEO of Marvel Cables, he said it would allow for the acquisition of essential commodities, such as energy resources or agricultural products, which can support domestic industries and meet domestic demand.
“Barter trade with Iran, Afghanistan, and Russia can help diversify Pakistan’s trading partners and reduce dependence on a few countries,” Younis added.
By expanding trade relationships, Pakistan can enhance its economic resilience and reduce vulnerability to external shocks in specific markets, he stressed.
Younis highlighted that barter trade could contribute to regional integration by promoting economic cooperation and interdependence between Pakistan and its neighboring countries.
Closer economic ties can lead to improved political relations, increased cross-border investments, and enhanced regional stability, he remarked.
Unfolding another feature, Meher Kashif Younis said that barter trade may potentially address trade imbalances between Pakistan and its trading partners, particularly if there are complementary needs and strengths in different sectors.
Pakistan might exchange its agricultural products for energy resources or industrial goods, which could help address trade deficits and promote balanced trade relations, he added.
“It’s important to note that the actual impact of barter trade on Pakistan’s economy would depend on various factors, including the scale and nature of the trade, government policies, infrastructure, regulatory frameworks, and geopolitical developments,” he emphasised.
