Unisame hails SBP’s proposal to facilitate exporters through digitization

Web DeskWeb Editor

22nd Jun, 2021. 08:02 pm
State Bank of Pakistan

KARACHI: The Union of Small and Medium Enterprises (Unisame) has welcomed the suggestions made by the State Bank of Pakistan (SBP) to facilitate exporters through digital windows and gateways to make it easy and efficient, a statement said on Tuesday.

Unisame president Zulfikar Thaver welcomed the central bank’s agenda of modernising foreign exchange regulations and said SBP has proposed changes in its regulatory instructions for exports of goods from Pakistan. These friendly changes are aimed at promoting the ease of doing business by simplifying the existing procedures and regulations, he added.

The key amendments proposed included a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces, including Amazon, e-Bay, and Alibaba under the Business-to-Business-to-Consumer (B2B2C) e-Commerce models.

Thaver said that the amendments would be made in the export regulations to implement Pakistan Single Window project, which would eliminate the requirement of the orthodox system of Form E. Now a revised simple electronic system would be introduced.

Likewise, in some other areas, regulatory approvals required from the central bank have been proposed and would be delegated to the banks to facilitate the business community. The proposed changes are a part of the SBP’s wider and broader agenda to revise the existing foreign exchange regulations and to align them with the changing market dynamics, business needs and global trade practices.

The Unisame also praised that 11 chapters of the 22 of the foreign exchange manual had already been revised under the consultation process with the banking industry and the business community. The latest amendments in the foreign exchange instructions pertaining to exports are provided in Chapter 12 of the foreign exchange manual.

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