Overview
- The Ministry of Commerce issued an amended Statutory Regulatory Order on October 19, putting a revised barter mechanism into effect.
- The narrow list of permitted items has been scrapped, aligning eligible goods with Pakistan’s general Export and Import Policy Orders.
- Imports and exports may now occur simultaneously, and the transaction completion window has been extended from 90 to 120 days.
- Private firms can form consortia, and embassy verification is replaced by undertakings from Pakistani entities affirming that foreign counterparties are not sanctioned.
- Customs will enforce quarterly net-off of values and can invalidate authorizations or take action under the Customs Act for non-compliance, following ECC-backed consultations with SBP, Foreign Affairs, FBR and Pakistan Single Window.