By Arsalan Ali

ISLAMABAD, Aug 22, (INP WealthPK): The export of different items from Pakistan to Afghanistan surged by 19 percent during the first month of the financial year 2022-23 as compared to the same period of the previous fiscal, WealthPK reports.

The data of the Trade Development Authority of Pakistan (TDAP) shows that the volume of exports to Afghanistan reached $57.73 million in July 2022 as compared to $48.68 million in July 2021.

It is expected that transit cooperation between the two neighbouring countries will further boost bilateral trade.

According to the State Bank of Pakistan (SBP), the volume of trade between Pakistan and Afghanistan reached $699.767 million during the financial year 2021-22. The trade between the two countries increased in the current fiscal to reach $405.269 million. Different items worth $552.518 million were exported to Afghanistan while imports from Afghanistan stood at $147.249 million.

Data from the UN Comtrade database shows that Pakistan’s major export items to Afghanistan include cereals, animals, vegetables fats and oils, cleavage products, salt, sulfur, stone, plaster, lime and cement, pharmaceutical products, edible vegetables, fruits and plastics.

Pakistan’s major import items from Afghanistan are cotton, edible fruits, vegetables, mineral fuels, oil, distillation products, salt, sulfur, stone, plaster, lime and cement, iron and steel.

SAARC Chamber of Commerce and Industry President Iftikhar Ahmed said the Pakistan-Afghanistan transit rail link was a $5 billion project, covering a distance of 754 kilometres. The completion of the project will strengthen bilateral trade between the two countries and increase Pakistan’s exports to Afghanistan.

Iftikhar told a high-level foreign delegation of importers and exporters from the United Kingdom that the feasibility and survey of the project were successfully completed by members of the Pakistan Railways joint team. The railway link will connect Peshawar to Tarmiz via Jalalabad-Kabul-Mazar Sharif.

Recently, both Pakistan and Afghanistan reached an agreement to boost bilateral trade. Steps have also been taken to alleviate the difficulties that the two countries are currently facing in meeting economic targets.

In this regard, Pakistan is considering establishing additional trade checkpoints between the two countries. Pakistan has also decided to facilitate bilateral coal trade through the Kharlachi and Ghulam Khan posts in Khyber Pakhtunkhwa.

The government has approved the Multi Air Road Corridor to facilitate the transit of Afghan goods through Pakistan. Both countries have agreed on a landmark point for commercial payments to be made in local currency, which will strengthen their currencies.

As part of the initiative, both countries will make payments to each other in local currencies through banking channels for one year. Luxury buses, on the other hand, will connect both countries and increase the volume of trade between them.

Pakistan has also decided to help Afghan traders by issuing them a one-year multiple entry visa. The step will encourage Afghan traders to expedite their trade activities with their Pakistani counterparts. It will also make doing business easier because Afghan drivers will be able to apply for Pakistani visas online, according to WealthPK.

Credit: Independent News Pakistan-WealthPk