"During the Afghanistan Pakistan Transit Trade Coordination Authority (APTTCA) meetings, Pakistan has asked for a bank guarantee en-cashment on custom duties to the satisfaction of Federal Board of Revenue (FBR) and the guarantee should be acceptable to any bank in Pakistan", Secretary Commerce Zafar Mehood told a press conference here this afternoon.
He said that Pakistan has concerns regarding APTTA including bank guarantee to be given by the Afghan Government on the Pakistani imports to Afghanistan.
"We want that the Afghanistan's bank guarantee should be acceptable and encashed in a Pakistani bank", he remarked.
The Secretary Commerce said that Afghanistan Pakistan Transit Trade Agreement has been signed by the two countries in Kabul for promotion of bilateral trade between them.
Zafar Mehmood said that APTTA provides opportunities for our exports to penetrate in even Moscow (Russia) through Afghanistan and in this regard 17 routes have been identified for the market access to Central Asian Republics and beyond them to Russia.
He expressed the hope that issues regarding Afghanistan Pakistan Transit Trade would be resolved within four months and after that it would also be operational.
Replying to a question, he said that till the finalization of new agreement the previous Afghan Pak Transit Trade would be workable for trade between the two countries.
The Secretary Commerce accepted that in the past Pak Afghan Transit Trade Agreement was misused damaging the Pakistani markets and its economy.
Zafar Mehmood said that Pakistan government has taken a number of measures and all the relevant authorities have adopted a comprehensive inbuilt mechanism to address the issue of unauthorized trade.
He added that mechanism including bio-metric system and tracking of trucks from Pakistan to Afghanistan have been ensured under the new APTTA.
He also informed the media that in the forthcoming budget government is considering rationalization of tariffs on exports to discourage the smuggling which are causing losses to our economy.
Replying to a question, he said Pakistan cannot provide access to Indian good to Afghanistan through land routes unless the outstanding disputes between India and Pakistan are resolved.