Pakistan, Belarus push local currency payments to boost trade

Pakistan and Belarus have stepped up efforts to establish a local currency-based payment mechanism aimed at facilitating bilateral trade and strengthening economic ties between the two countries.

The issue was discussed during a meeting between Federal Minister for Commerce Jam Kamal Khan and Belarusian Ambassador to Pakistan Andrei Metelitsa. Both sides reviewed ways to improve trade, investment and economic cooperation.

The two countries agreed to continue consultations involving financial institutions and relevant technical experts to develop a secure and workable payment arrangement. The proposed mechanism is expected to reduce transaction difficulties and provide businesses with an alternative channel for settling cross-border payments.

The commerce minister identified agriculture, fertilisers, engineering products, tractors, heavy machinery, energy and food commodities as key areas with potential for increased cooperation.

The meeting also discussed cooperation in the labour sector. The Belarusian ambassador noted growing employment of Pakistani workers in Belarus and highlighted continued demand for skilled manpower.

Both sides agreed to strengthen coordination on recruitment procedures and skills matching to facilitate the movement of Pakistani workers.

Preparations for the upcoming Pakistan-Belarus Joint Ministerial Commission were also reviewed. The forum is expected to address trade barriers and explore additional opportunities for expanding bilateral economic relations.