Kashif Ashfaq highlights potential benefits of barter trade

ISLAMABAD (APP): Chief Executive Officer, Pakistan Furniture Council (PFC) Kashif Ashfaq on Thursday said that barter trade among Russia, Iran and Afghanistan would hold several potential benefits and significance for these countries.
Presiding over the PFC Board of Directors meeting, he said that this wise and timely epoch making decision of Pakistan would promote regional integration and economic cooperation by leveraging their geographic proximity. Russia, Iran, and Afghanistan can enhance trade routes, connectivity and people-to-people exchanges, leading to a more integrated regional economy, he said.
Kashif Ashfaq said that it would help further strengthen economic ties and promote cooperation among these countries and facilitate the exchange of goods and services without necessarily involving traditional currency transactions. It will also be particularly useful for the countries facing financial constraints or limited access to global financial systems, he said and added that barter trade would serve as an alternative mechanism for conducting business when traditional financial channels were restricted and in addition to bypassing monetary transactions, these countries can continue trading despite the sanctions shocks.
The PFC head said it can help address trade imbalances between these countries that promotes mutual benefits and foster economic equilibrium. He said that barter trade would also contribute to strengthening political relationships between nations by engaging in economic exchanges. Russia, Iran, and Afghanistan can enhance diplomatic ties, build trust and foster a sense of mutual cooperation.
It will facilitate the acquisition of necessary resources for development projects and infrastructure, he expressed.