Observer Report Beijing
In a milestone move to boost barter trade with more countries, Pakistani enterprises joined the Cross-border Barter Trade Alliance at the Inaugural Cere-mony of Cross-border Barter Trade Alliance (CBTA) and the Cross-border Barter Trade Platform held at China’s coastal city of Qingdao, according to China Economic Net (CEN).
Barter is typically known as trading one good or service by one party in return for another good or service from another party without the use of money.
The General Administration of Customs of China estimates that the total volume of bartering transactions surpassed USD 130 billion in 2020.
According to the International Reciprocal Trade Association (IRTA), a global organisation for barter trade, an estimated 65% to 80% 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.
In a similar vein, barter trade also plays a role in Pakistan. According to media reports, Pakistan has exported the surplus wheat and rice to Iran in ex-change for sought-after fertiliser 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 Ms Shao Liying, who conducted business operations in Paki-stan for four years before setting up an O2O barter platform in China, in an exclusive interview with CEN.
