Prime Minister Imran Khan said that the implementation of the Pakistan Single Window (PSW) will bring $500 million in annual savings.
He announced it on his Twitter account on Monday, adding that it will also reduce the cargo clearance time from days to hours by integrating over 75 regulatory departments.
In addition to stating that the PSW Act 2021 will pave the way for ease in imports and exports, the premier tweeted that the PSW will integrate 75 regulatory departments including customs, banks, port authorities, shipping companies, brokers, etc.
He also said that the PSW will be managed by an independent authority that will be pivotal in unlocking Pakistan’s potential to become a hub for international transit and trade.
The PSW is a requirement under the TFA which was launched in 2013, and Pakistan ratified it in October 2015. It was inaugurated last week in Islamabad by the Federal Board of Revenue (FBR), in compliance with the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO), Dawn News reported.
The PSW was rolled out almost a year before its deadline of June 2022 at a cost of $67 million through an indigenous development effort.
The Customs department has been tasked with completing this transformational project that will reduce time, cost, and complications while ensuring better compliance with cross-border trade regulations.
Source: Pro Pakistani