Connect with us

Business

ACCI welcomes Pakistan’s move to establish a legal barter system

Published

on

(Last Updated On: )

The Afghanistan Chamber of Commerce and Investment (ACCI) on Saturday welcomed Pakistan’s move to establish a legal mechanism to provide for barter trade with two sanctions-hit neighbors — Afghanistan and Iran.

The decision was taken at a meeting of Pakistan’s Economic Coordination Committee (ECC) on Thursday.

The ACCI said the adoption of the mechanism would be effective in preventing the smuggling of goods between the two countries.

“We are in favor of legal trade and good trade relations and mutual respect both with the countries of the region and with the whole world,” said ACCI deputy chief Mohammad Younus Mohmand.

Economists believe that improving trade and economic relations between Afghanistan and Pakistan are key to increasing imports and exports between the two countries.

“If the Pakistanis use honesty in these matters, it is a big step, which is in fact a regional move, and it can be a good help in strengthening the Afghan economy and building trust in the Afghan economy, and it is not an easy step,” said Sayed Massoud, an Afghan university lecturer.

According to an official statement issued by Pakistan, the meeting, presided over by Finance Minister Shaukat Tarin, focused on a commerce ministry’s summary for “grant of regulatory support for establishing barter trade arrangements with Afghanistan and Iran”.

After discussions, the consensus “allowed regulatory cover to barter trade arrangements by amending relevant provisions” of the export and import policy orders.

Trade between Pakistan and Iran has stagnated for more than a decade mainly due to US sanctions on Tehran, while Pak-Afghan formal trade has suffered in the absence of a banking system in Afghanistan and Washington’s decision to freeze Afghanistan’s foreign reserves.

As a way out, the Quetta Chamber of Commerce and Industry and Iran’s Zahidan Chamber of Commerce and Industry signed an agreement in November last year for a barter trade mechanism. Subsequently, other chambers of the two countries were also brought into the same system.

The same mechanism would also be replicated with Afghanistan given its heavy reliance on Pakistan for essential commodities, Dawn News reported.

Business

Afghanistan transports 3.2 million metric tons via railways this year: Ministry

Published

on

(Last Updated On: )

Mohammad Ashraf Haqshenas, spokesperson for the Ministry of Public Works, says since the beginning of this current solar year, about 3.2 million metric tons of commercial goods have been transported through the country’s railway lines.

Haqshenas stated that these exports have seen a significant increase compared to the same period last year, and the ministry is working to provide more facilities for the private sector in this area.

“Approximately 3.2 million metric tons of goods have been transported through four ports. The Ministry of Public Works is striving to provide greater convenience to national traders and citizens,” he said.

Meanwhile, officials from the Chamber of Commerce and Investment have stated that railway lines can play a vital role in the country’s economic development.

They added that in international trade, rail transport is cheaper than shipping, and this sector should be given serious attention in the country.

Economic experts also believe that the expansion of railways in the country can provide more convenience for traders in exports and imports.

Currently, Afghanistan has direct railway connections through four ports with Uzbekistan, Iran, and Turkmenistan, and indirect connections with China, Russia, Belarus, Kazakhstan, and Turkey.

Continue Reading

Business

IEA signs $6.2 million marble mining contract for Kandahar

Published

on

(Last Updated On: )

Afghanistan’s Ministry of Mines and Petroleum says it has signed a contract worth $6.2 million with a Turkish company for the extraction of marble from a mine in Kandahar’s Dara-e-Noor area.

At a ceremony on Tuesday in Kabul, acting Minister of Mines and Petroleum Hidayatullah Badri said the extraction of this mine is expected to create new job opportunities for the country’s citizens.

Badri stated that since the Islamic Emirate’s takeover, several contracts have been signed for marble extraction.

“The contracted company is investing $6.2 million in the exploration, extraction, and processing of this mine,” Badri added.

Meanwhile, a senior official from the mining company stated that this contract will benefit both countries.

He said the company hopes to supply the international market with the marble. He said this will not only create jobs but also contribute to the growth of Afghanistan’s export market.

Mr Emioglu, the deputy head of the Turkish contracting company, said: “Our company started working on extracting this mine eight months ago. We aim to introduce Afghan marble internationally after production and processing so that both countries can benefit.”

Economists welcomed the development and stated that with the signing of mining contracts, the country’s economic situation will improve, and investments in this sector will increase.

Continue Reading

Business

Pakistan’s exports to Afghanistan rise by 92% to $504 million

Afghanistan’s exports to Pakistan from July to December 2024 totaled $9.9 million against $4.425 million for the same period in 2023

Published

on

(Last Updated On: )

Pakistan recorded a substantial increase of 92% in it’s export of goods and services to Afghanistan during the first six months of Islamabad’s current fiscal year as compared to the exports of the corresponding period of last year.

According to the State Bank of Pakistan (SBP), the overall exports to Afghanistan were recorded at $504.308 million during July-December (2024-25) against exports of $262.583 million during July-December (2023-24), SBP stated. 

Overall Pakistan’s exports to other countries witnessed an increase of 7 percent in the first six months, from $15.146 billion to $16.229 billion, the SBP stated.

 On the other hand, Afghanistan’s exports to Pakistan in the same period totaled $9.9 million against $4.425 million in 2023.

On a year-on-year basis, imports from Afghanistan witnessed an increase of 18 percent from $1.238 million in December 2023, against the imports of $1.466 million in December 2024. 

On a month-on-month basis, the imports from Afghanistan into the country also witnessed an increase of 8.27 percent during December 2024, as compared to the imports of $1.354 million during November 2024.

Continue Reading

Trending

Copyright © 2024 Ariana News. All rights reserved!