ISLAMABAD: The Federal Board of Revenue (FBR) said that full operationalisation of Pakistan Single Window (PSW) system will accrue massive economic benefits, promote trade and help increase the country’s exports by up to 37%, reports WealthPK.
According to the information obtained by WealthPK from official sources in FBR, Pakistan lags in ease-of-doing business in cross-border trading due to a large number of regulatory authorities working in silos and relying on paper-based processing.
So, PSW is a platform that allows parties involved in trade and transport to lodge standardised information and documents using a single-entry point to fulfil all import, export and transit-related regulatory requirements.
If information goes electronic then individual data elements should be submitted only once.
Pakistan Customs is leading implementation of information and communication technologies-based PSW to facilitate trade and achieve compliance with provisions of World Trade Organisation’s Trade Facilitation Agreement by the June 2022 deadline.
PSW aims to establish a single ICT-based platform that enables regulatory compliance in virtual environment. It includes development of an integrated risk management system, e-payment system, unified registration system, ICT-based port community system at seaports, airports and land ports to transform the logistics side of external trade.
The PSW also includes back-end automation of key regulatory authorities besides transformation of a re-modelled customs management system (WeBOC).
PSW will significantly improve seamless flow of information among stakeholders and provide more visibility and control to the trade regulators, including Pakistan Customs.
The programme also aims to achieve the following objectives: to establish a centralised, highly available/reliable ICT platform for paperless processing of government-to-government, business-to-government, business-to-business and customer-to-customer cross-border trade-related transactions on a sustainable basis; establish a centralised risk management framework for cross-border trade; enhance predictability, transparency, accountability and consistency in cross-border trade transactions and promote ease-of-doing business; reduce, at least to the regional averages, cross-border trade transaction time and costs for traders.
This initiative will also serve as an integration point bridging cargo/logistics systems and other trade-related processes.
It will enable electronic processing of licences, permits, certificates and others (LPCOs) needed for regulation of cross-border trade. It aligns/automates cross-border trade for improved compliance and facilitation.
Benefits
The project will provide massive economic benefits and promote businesses and trade. PSW will also help bring up to 37% increase in exports by unshackling the small and medium enterprises from multiple paper-based LPCOs currently being issued.
By reducing at least the South Asia average cost and time, Pakistan will save an estimated $350 million per year. PSW will promote the local information technology industry as well as ICT governance of public sector entities.
It will minimise the need for physical engagement between traders and regulators and improve regulatory control of the government agencies.
PSW will help all those agencies, which hold and inspect cargos at ports and borders, to adopt an integrated risk management system and a join inspection mechanism to facilitate genuine trade.
The initiative will help Pakistan connect with evolving national, regional and global single-window platforms and establish and maintain a modern trade information portal to provide single repository for all regulatory and fiscal requirements.
INP
