The federal government has revoked the requirement of State Bank of Pakistan’s (SBP) Electronic Import Form (EIF) for imports from Afghanistan for the next 42 days, allowing thousands of stranded vehicles to enter Pakistan.
Pak-Afghan Joint Chamber of Commerce and Industry Member Shahid Hussain said that the requirement of SBP’s EIF had further tarnished exports which are already suffering due to closure of the Afghan banking system.
According to sources, the Federal Board of Revenue (FBR) and the Ministry of Commerce (MoC) have not yet clarified whether goods will be exported from Pakistan in exchange for goods imported from Afghanistan.
Before the EIF requirement, Afghan traders would import food related items from Pakistan in exchange of their exports to Pakistan.
Earlier, the Afghan Taliban had announced the closure of banks across the country after taking control of Afghanistan on August 15, 2021, creating problems for traders and general consumers.
Moreover, due to unavailability of EIF forms, more than 10,000 cargo vehicles were left stranded on both sides of Torkham, Chaman and other borders.
However, clearance of stranded vehicles on both sides of the Torkham border has started after the requirement for EIF was abolished, clearance
On December 13, 2021, the SBP imposed a Bank-to-Bank Transaction or EIF for customs clearance of Afghan imports.
FBR in consultation with the Ministry of Finance plans to further streamline trade between Pakistan and Afghanistan, for which clearance of Pakistani export in local currency is under consideration. Whereas Afghan Taliban only want to trade in US dollars or Afghan currency.
