In this file photo taken on Nov 11, 2017, Afghan farmers sort pomegranates for export at a farm in Kandahar. (PHOTO / AFP)

ISLAMABAD - In efforts to boost trade and manage a balance of payments crisis, Pakistan has implemented Business-to-Business Barter Trade Mechanism to allow barter trade with Russia, Iran and Afghanistan, according to Pakistan's Ministry of Commerce.

It would facilitate state-owned enterprises and private entities to do barter trade with Russia, Iran and Afghanistan, the statement said

"The initiative is an important step toward stabilizing the economy, and it would not only help increase foreign exchange reserves but would also help promote trade," the ministry said in a statement on Friday.

ALSO READ: IMF says it is working with Pakistan on bailout review

It would facilitate state-owned enterprises and private entities to do barter trade with Russia, Iran and Afghanistan, the statement said, adding that a series of meetings were held with high-level delegations of various countries to successfully implement the mechanism of barter trade.

Under the mechanism, Pakistani traders would be able to export milk, cream, eggs, cereals, meat, fish products, fresh fruits, vegetables, chemicals, plastic, rubber, leather, wood products, paper, footwear, iron, steel, electric fans, and motorcycles.

READ MORE: Finance minister: UAE to support Pakistan with $1b

In addition, the traders could also export surgical products and sports goods, the ministry said.

The traders could import wheat, pulses, petroleum, fertilizer, textile machinery products, oil seeds, minerals, cotton, fruits, vegetable, spices, and dry fruits from these countries under the barter trade system, according to the ministry.