Pakistani importers and exporters on Thursday feared that in the next few days trade between Afghanistan and Pakistan would come to a halt as trade is conducted in the American currency which is no more available in Afghan banks.
Talking to The Express Tribune local importers said that for the past 15 days a large number of goods had piled up in the godowns in Peshawar and Torkham bound for Kabul.
“Trucks are parked at Torkham loaded with edibles and other items of which most have expired inflicting millions of rupees losses on exporters and importers,” claimed a local clearing agent and exporter Ablan Ali Shinwari, adding that the banking sector had collapsed in Afghanistan following the US withdrawal.
“As per the law in Pakistan you need Telegraphic Transaction (TT) for exports and in Afghan banks you can’t get it,” he said, adding that till the problem is solved in Afghanistan an SRO should be issued by Pakistan which would allow trade with Afghanistan in the Pakistani rupee.
Pakistan has already announced that trade with Afghanistan would be conducted in Pakistani currency to help Kabul overcome the shortage of greenback. This decision was welcomed by Afghan government but now they have also announced that dealings will not be allowed in any foreign currency within the country.
Another trader blamed that trade with Afghanistan was constantly on the decline due to a variety of factors and it was not a good sign either for the traders or the people of both the countries.
“Just imagine that you have a thriving business worth thousands of dollars and it collapses within the span of a few months. This is what actually experienced by most of the traders in Afghanistan,” he said, adding that special attention should be paid to increase the volume of trade between the two countries.
Published in The Express Tribune, November 5th, 2021.
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