Good News Is Coming


Ali Anwar

Pakistan is suffering from economic problems at the moment but nations always go from difficulty to ease. It all seems very easy to write or read but it comes as a result of very difficult steps. There is good news for Pakistan as oil is coming from Russia at low rates and along with this, Pakistan has signed a power agreement with Iran. Its delivery has also started in Gwadar, apart from TAPI gas. The pipeline agreement will also be nearing completion now. The oil coming from Russia is about 15 dollars lower than the world market and the biggest thing is that Pakistan has paid for buying Russian oil in Chinese currency Yuan. This shows that Pakistan’s efforts are now being made by the regional countries. Two big powers like Russia and China to get the situation out of the vortex. The first batch of crude oil supplied by Russia to Pakistan has anchored off the coast of Karachi.
Federal Minister for Petroleum Musadik Malik, while confirming the import of low-priced oil from Russia, said that soon, low-priced gas (LNG) from Azerbaijan will also start coming to Pakistan. Russian oil will account for between 20 and 30 per cent of Pakistan’s oil supply and it is expected that consumers will get some relief from the supply of low-cost oil. Then the biggest thing was that there was a noise of opposition to a superpower like the United States. Now, the United States has also rejected it by saying that it is the policy of each country and they can buy low-cost Russian oil according to their needs.
On the other hand, Pakistani Prime Minister Shehbaz Sharif has signed various agreements with Azerbaijan for the supply of economical LNG. Pakistan has been experiencing a shortage of industrial and domestic gas for some time now. After that, this agreement with Azerbaijan will start supplying gas to the industries, which will make the wheel of the economy move. Earlier, Pakistan had signed another important agreement, Barter Agreement. In this regard, Pakistan’s Ministry of Commerce issued a formal notification earlier this month for approval of goods-for-goods trade with Afghanistan, Iran and Russia. Under the barter trade, Pakistan can export 26 types of goods to the three countries mentioned above, while it will be able to import gas, petroleum products and coal, among other goods, without paying in dollars from Iran, Russia and Afghanistan. The Ministry of Commerce, in its declaration, listed 26 types of commercial goods that can be exported to Iran, Afghanistan and Russia through barter trade. These goods include rice, meat, pharmaceutical products, leather products, electric fans, household goods, textiles, surgical instruments, electrical appliances, motorcycles and tractors.
Barter trade is a centuries-old form of trade in which goods are exchanged for goods. If Pakistan, for example, sells wheat to Afghanistan, Afghanistan can exchange some of its minerals for the same value, or if Pakistan buys oil from Russia. In return, Pakistan can sell salt, cotton and fruits to Russia. This trade will have the benefit of reducing the dollar shortage that Pakistan faces. Economists believe that although this is still an early model if the agreement is implemented in its spirit, Pakistan can avoid the clutches of the IMF and the sword of bankruptcy hanging over Pakistan. it can be finished.
According to the Pakistani Ministry of Commerce, the goods that Pakistan will be able to get from Russia, Iran and Afghanistan include oil, gas, dried fruits, fertilizers, machinery, etc. On the other hand, milk, cream, and egg dairy products can be exported from Pakistan. According to Ministry of Commerce officials, meat, fish products, fruits, vegetables, rice, bakery items, salt, oil, perfume and cosmetics, chemicals, plastics, rubber, leather, wood products, paper, footwear, iron, steel, copper, aluminium, cutlery will also be able to be exported. Pakistan will also export electric fans, home appliances, motorcycles, surgical instruments and sports equipment, while wheat pulses, petroleum products, fertilizers and textile machinery will also be imported from Russia under the barter system, as well as oil seeds from neighbouring countries. , minerals, and cotton can also be imported.
If all these economic agreements are implemented according to its spirit, there is no doubt that Pakistan will not only get rid of this difficult economic crisis but can also become a country with a prominent economic position in the world.