Trade and transit: PSW's proposed law aimed at unlocking potential as regional hub

ISLAMABAD: The Pakistan Single Window's proposed legislation will help unlock Pakistan's potential as the regional hub for trade and transit by simplifying, harmonizing and automating regulatory controls, enabling Pakistan to integrate with upcoming regional and global single window systems for trade and transport.

Sources, well-informed of the developments, stated that the draft Act had been vetted by the Law and Justice Division as well as approved by the ECC, the Cabinet Committee for Disposal of Legislative Cases/Cabinet (CCLC) and the Cabinet copies of relevant approvals are enclosed (Annex- III, IV and V) The PSW Bill, 2020, is now presented before the Lower House of the Parliament for enactment, after fulfillment of pre-requisites prescribed in the Rules of Business, 1973.

The prime minister has designated Pakistan Customs as the lead agency to establish trade-related National Single Window, to improve overall efficiency in management of cross-border trade, and also to meet the country's obligation under the WTO's Trade obligation.

The NSW is a facility that allows parties involved in trade and transport to lodge standardised information and documents with a single-entry point to fulfill all import/export, and transit-related regulatory requirements.

The FBR, with the help of local and international experts, finalised a detailed project design document, which recommended promulgation of a new PSW Act after carrying out detailed legal-gap analysis.

The PSW Act was drafted and shared with stakeholders for consultation upon directives of the Steering Committee chaired by the Adviser to the Prime Minister on Finance, the Draft PSW, Act, was finalised with consensus of the stakeholders, while providing legal basis for the approved functional, operational, governance, and revenue models.

The new law introduces ICT-based integrated risk management system, joint inspections, E-payments and information exchange etc to improve transparency, efficiency and controls in imports, exports and transit trade.

The government believes that the PSW will help unlock Pakistan's potential as the regional hub for trade and transit by simplifying, harmonizing and automating regulatory controls, while enabling Pakistan to integrate with upcoming regional and global Single Window systems for trade and transport.-

Copyright Business Recorder, 2020