Pakistan Single Window to save $500m, says PM
ISLAMABAD: Prime Minister Imran Khan on Monday said the implementation of Pakistan Single Window (PSW) will bring $500 million annual savings and reduce cargo clearance time from days to hours by integrating over 75 regulatory departments.
The premier in his tweet said the PSW Act 2021 will pave the way for ease in imports and exports.
Last week the Federal Board of Revenue (FBR) inaugurated the PSW Company in Islamabad as part of compliance with the Trade Facilitation Agreement (TFA) of the World Trade Organisation (WTO).
The premier said that the PSW will integrate 75 regulatory departments including customs, banks, port authorities, shipping companies, brokers, etc.
He went on to say that an independent authority will manage the PSW, which will be pivotal in unlocking Pakistan’s potential to become a hub for international transit and trade.
The PSW is a requirement under the TFA which was launched in 2013 and Pakistan ratified it in October 2015.
The PSW was rolled out almost a year before its deadline of June 2022 at a cost of $67 million through indigenous development effort.
Prime Minister Imran Khan had tasked Customs to complete this highly transformational project for reducing time, cost and complication while ensuring better compliance with cross-border trade regulations.
The PSW Company has been operationalised to maintain complete ownership of entire cross-border trade, related logistics and financial transactions.
Published in Dawn, April 13th, 2021