Amendments to barter trade mechanism quite possible, says Ansari

PESHAWAR: Member Customs Operation Federal Board of Revenue, Mukarram Jah Ansari has said that the newly introduced Business to Business (B2B) Barter Trade mechanism will be monitored for a couple of months and amendments can be brought for improvement in the system, making it more feasible in accordance with needs of business community.

He said this while exchanging views on newly introduced commercial mechanisms with Zia-ul-Haq Sarhadi, Director Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI), said a press release here on Sunday.

The FBR authorities have directed concerned officials to remain in touch with trading community for a couple of months and record feedback of them on this new system of trade and commerce in the region

After monitoring the B2B Barter Trade mechanism for two months, we will take a review of it and if traders make some suggestions for bringing improvement in it, amendments can be brought in the new system, Mukarram said.

FBR officials said the recently introduced Business to Business (B2B) Barter Trade mechanism for doing trade with Afghanistan, Iran and Russia through exchange of goods has been introduced for facilitation and provision of ease to traders doing business in bordering areas of the country.

Mukarram Jan explains that B2B trade deals will serve as a formal mechanism and will cover transactions being made in bordering areas where traders face problems despite having lack of EIF (Enhanced Integrated Framework) and there is also fear among them that they may also be asked for a transaction trail.

Facilitation of the business community will be the top priority in the barter trade system and if need is felt for bringing changes in any sections of the mechanism that will be made, he reiterated.

He expressed the hope that the new system of trade will benefit the business community and help in increasing trade in the country and region as well.

Speaking on the occasion, Zia-ul-Haq Sarhadi appreciated the decision taken by the Commerce Ministry and expressed the hope that the new system will give better results and problems being faced by the business community due to shortage of foreign currency will be resolved.

He also thanked Chairman FBR, Asim Ahmad, Member Custom Operation FBR, Joint Secretary Ministry of Commerce, Maria Qazi, Chairman PAJCCI, Zubair Motiwala for playing an effective role in introduction of Business to Business barter trade mechanism in the country.

Copyright Business Recorder, 2023