In order to boost trade by lowering costs, Pakistan and United States have launched the first phase of the Pakistan Single Window (PSW) project.
On Wednesday, both countries launched Single Window project to lower import, export costs. The project mainly aims to boost trade by lowering costs, decreasing paperwork delays, and making it easier to import and export commodities with Pakistan. It will be beneficial for businesses and consumers.
The US government, through the US Agency for International Development, and Pakistan’s Federal Board of Revenue inaugurated the project with the Adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin, and officials from the State Bank of Pakistan, the Pakistan Single Window Company, and the Federation of Pakistan Chambers of Commerce and Industry in attendance.
Read more: Pakistan single window to help the country become an international trade hub
USAID Deputy Mission Director David Young said at the inauguration ceremony, “This project will help reduce the time and cost of doing business in Pakistan, and it will unlock the country’s potential to become a hub for regional and international trade and transit,” he added by saying that, “By making trade simpler, the Pakistan Single Window will help to unlock Pakistan’s economy.”
Meanwhile, speaking at the event, the Adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin, said, “PSW concept and its framework is the embodiment of this government’s vision of deep meaningful reforms impacting all sectors and every aspect of government, promoting trade competitiveness with enhanced transparency and efficiency.”
The Pakistan Single Window project, that is managed by USAID’s Pakistan Regional Economic Integration Activity is a 5-year initiative project which focuses to improve the development of Pakistan’s trade sector.
Moreover, this project enables parties involved in trade and transport to register standard information and documents with a single-entry point and thereby fulfill all import, export, and transit-related regulatory requirements.
