ISLAMABAD: The Government of Pakistan officially implemented a significantly revised barter trade mechanism with Iran, Russia, and Afghanistan, effective from Sunday evening local time.

Approved by the Economic Coordination Committee (ECC), the new system aims to boost regional commerce by eliminating long-standing restrictions.

The Ministry of Commerce abolished the requirement for ‘export before import,’ allowing private companies to handle imports and exports simultaneously.

Additionally, the deadline for transactions has been extended from 90 to 120 days, the restrictive list of approved goods for trade has been removed, and the formation of trade consortia is now authorized.

Pakistan’s ambassador to Iran confirmed the new Statutory Regulatory Order (SRO) addresses crucial concerns of traders.