PAJCCI urges the government to finalize the barter trade mechanism committee

Zubair Motiwala; Chairman PAJCCI, has vociferously urged the Ministry of Commerce to make Pakistan side barter trade mechanism committee on a priority basis as further delay will surpass waiver extension of EIF and E-Form resulting in suspension of trading activities, loss of revenue and trust of the business community which has invested their time, energy and money in sustaining trade in difficult times.

It is important to note that after the first expiry PAJCCI, keeping in view the current banking regime in Afghanistan, policies of the State Bank of Pakistan of withdrawing cash on the counter facility, shortage of foreign exchange in Afghanistan, requested Afghanistan Inter-Ministerial Coordination Cell to consider further extension of the waiver of EIF and E-Form, which was extended however it was specified that same suspension would not exceed and barter trade mechanism needs to be finalized during the stipulated 45 days. Afghanistan side has already constituted the committee led by Co-Chairman of PAJCCI, Khan Jan Alokozai, under which all relevant provincial chambers are represented. Last week, a deliberation of this committee was also held under the aegis of the Ministry of Commerce, Afghanistan.

However, even after the passing of one month, the committee from the Pakistan side is not announced, and the expiry of the extension is nearing. Hence, Motiwala urged that E-Form & EIF shall be waived until the barter trade mechanism between the two countries is finalized, as the deliberations may take extensive time. PAJCCI further offered to support the committee’s formation and the members from all relevant chambers of Pakistan by signing MOU for smooth coordination and facilitation on the same lines as Afghanistan, as it is the common platform across the border.

PAJCCI has also highlighted the continued issues of third-party payment refusal by commercial banks and redressal by State Bank even after the GLA amendment by the US Treasury.

PAJCCI stands by its commitment to facilitating both business communities and governments of both countries to strengthen multifaced relationships. PAJCCI will continue to coordinate between the business community and government entities to promote economic activities, open communication, and channel efforts.

Posted in News Update.

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