Pakistan to enhance barter trade with China
In a milestone move to boost barter trade with more countries, Pakistani enterprises have joined the cross-border Barter Trade Alliance.
This development was made at the inaugural ceremony of cross-border Barter Trade Alliance (CBTA) and the cross-border Barter Trade Platform held at China’s coastal city of Qingdao, CEN reported yesterday.
According to the International Reciprocal Trade Association (IRTA), a global organisation for barter trade, an estimated 65 per cent to 80 per cent of Fortune 500 enterprises have been reported to engage in some form of bartering, and 65% of corporations listed on the NYSE are involved in bartering.
Pakistan has exported the surplus wheat and rice to Iran in exchange for sought-after fertilizer and iron ore. Barter trade between Pakistan and China also holds great promises. “Pakistan is rich in natural resources such as minerals. The country can trade marbles for other goods with China,” said Shao Liying, who conducted business operations in Pakistan for four years before setting up an O2O barter platform in China.
Wang Hui, Secretary-General of CBTA, says that the Cross-border Barter Trade Platform will tackle the ingrained problems of mismatched information, inadequate laws and regulations, and unregulated evaluation of goods and services and further grow barter trade among its current 92 member enterprises from 11 countries and regions including China, Pakistan, Germany, India and Nigeria.
“The platform will provide a full range of services including information sharing, business matching, legal consultation, quality control management, goods and service evaluation, supply chain services,” said Wang.
The platform is also set to explore and promote new patterns of barter trade with new technologies, he said.
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