ISLAMABAD: The Ministry of Commerce (MoC) is examining a proposal to permit traders from Balochistan to carry out trade with Iran on barter system. The Prime Minister’s Secretariat had referred this proposal to the MoC for further deliberations.
Sources told Customs Today that a delegation of Balochistan Zameendar Action Committee held a meeting with Prime Minister Nawaz Sharif and Commerce Minister Khurram Dastgir and discussed the issue.
Sources said that the delegation sought permission for trade with Iran on barter system. They also sought exemptions from electronic Form-E of the FBR in this regard.
The FBR introduced electronic E-Form facility in WeBOC on November 2 last year to facilitate exporters in obtaining their electronic E-Forms from authorized banks along with an intervening period for filing requisite applications using their WeBOC login/password.
Electronic Form-E (EFE) module has been developed in consultation with relevant stakeholders and incorporated in the Pakistan Customs’ electronic system called Web based One Customs (WeBOC).
The source said that after receiving the said proposal, MoC had started examining process. In this regard, MoC officials have held detailed discussions with State Bank of Pakistan (SBP), Ministry of Foreign Affairs, Federal Board of Revenue (FBR) and other stakeholders.
The MoC has observed that proposal was practicable because of unavailability of banking channels between Iran and Pakistan for smooth money transactions due international sanctions on Iran, which now have been lifted. This hurdle has been forcing the trading communities of the both the countries to use informal banking channels for money transactions.
The source said that earlier, the government had granted permission to Pakistani traders residing in the areas adjacent to Afghan border to trade with Afghan traders in Pakistani currency rather than in the US dollar. This facility has result in better coordination among traders across the border as well as enhanced business activities; both import and export.
MoC is of the view, the source said that if the proposal of Balochistan Zameendar Action Committee would be accepted, the volume of bilateral trade would soar up both in terms of quantity and cost.
