PSW to enable Pakistan in becoming int’l trade, transit hub: Tarin

ISLAMABAD: The Federal Minister for Finance and Revenue Shaukat Tarin has said that Pakistan Single Window (PSW) will enable Pakistan to unlock its potential in becoming a hub for regional as well as international trade and transit.

He stated this while chairing the first meeting of the Governing Council of PSW held at the Finance Division.

The Secretary of the Governing Council briefed the finance minister about the Pakistan Single Window (PSW), a virtual system which is connecting the concerned Ministries, Customs, port authorities, banks and other relevant departments after major process re-engineering to provide a single window for management of international trade. 

The PSW is a facility that allows parties involved in trade and transport in Pakistan to lodge standardized information and documents at a single registration point. This eliminates the hidden costs and removes inefficiencies in the governance of international trade including logistics.

Article continues after this advertisement

He further said that the first phase of the PSW program has been rolled out while its 2nd and 3rd phases will be completed within the next two years. The implementation of PSW will make Pakistan’s ports competitive by minimizing the transaction costs and also enhance the efficient provision of B2B and B2C value-added services. The cargo would be cleared in the minimum possible time.

Over 75 regulatory departments will be fully integrated through ICT based systems, providing a single point of entry to facilitate trading across borders with minimal need for any physical contact, he added.

The Governing Council (GC) is the apex body in the approved Business model of PSW under Pakistan Single Window Act, promulgated in April this year. The GC comprises key stakeholders and prominent private sector subject specialists to oversee the timely completion of this important project while removing hurdles in its implementation. The Finance Minister is the Chairperson of PSW’s Governing Council which also includes Secretary Commerce, Secretary M/o NFS&R, Secretary Maritime Affairs, Secretary Science & Technology, Secretary Narcotics Control Division, Member Customs Operations and CEO PSW Company. 

In his remarks, Tarin appreciated the progress and stated that PSW will reduce time, cost and complications while contributing significantly towards ease of doing business in the country. Deep-rooted reforms being undertaken under the PSW program by the government will promote trade competitiveness with enhanced transparency and efficiency. The new system will leverage information and communication technology to ensure better compliance with the cross-border trade regulations.

The finance minister commended the efforts of Pakistan Customs as the lead agency of the PSW program and all those who have been part of PSW, a transformational project, which will take Pakistan’s trade to the next level. He affirmed full support and facilitation on the occasion. 

Among others, Federal Secretary for Narcotics Akbar Durrani, Additional Secretary Commerce, Additional Secretary Economic Affairs Division, Member Customs FBR and senior officers of the Ministry of National Food Security & Research, Ministry of Health, Ministry of Science & Technology, Ministry of Maritime Affairs participated in the meeting.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

PSX revises market timings

KARACHI: The Pakistan Stock Exchange (PSX) has announced revised timings of the market, which will take effect from the date of 'Go Live' of...