Pakistan-China data exchange system to help detect trade-based money laundering: UBG

KARACHI: The data exchange mechanism will help Pakistan and China to detect under- or over-invoicing and also counter trade-based money laundering in bilateral trade, said Patron-in-Chief S.M. Muneer and President Zubair Tufail of the United Business Group (UBG).

Lauding the decision taken by the Pakistan Single Window (PSW) and Customs People’s Republic Of China to form a Joint Working Group (JWG) on single window cooperation and integration, which will devise a coordination mechanism and facilitate technical discussion between the two sides for proposed integration, they pointed out that China is Pakistan’s biggest trading partner, being the top country of origin for import of industrial and consumer goods and Pakistan’s third biggest export destination after the United States and EU. Therefore, the integration between the two counties’ single windows would expand the scope of economic activities and facilitate expeditious clearance of goods.

They further said that China is a major investor in Pakistan, especially in infrastructure and energy sectors, and that the formation of JWG will boost the confidence of the business communities of both the countries, which is the need of the hour in the backdrop of China-Pakistan Economic Corridor.