Pakistani exporters can go international now and sell their products globally through the digital market place as per the framework proposed by the State Bank of Pakistan (SBP).
In a press release issued on Monday, the central bank said, “It had proposed changes in its regulatory instructions for exporting goods from Pakistan with the agenda of modernizing foreign exchange regulations.” It added that, “The changes were aimed at promoting ease of doing business by simplifying existing instructions.”
“The key amendments proposed include a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay and Ali Baba under business to business to consumer (B2B2C) e-commerce model,” the press release further stated. Amendments required in export regulations to implement the Pakistan Single Window Project, which would eliminate the requirement of an electronic Form-E, are also part of the revised draft.” it added.
“Regulatory approvals required from SBP have been proposed to be delegated to banks to facilitate the business community. The proposed changes are a part of SBP’s broader agenda to revise existing foreign exchange regulations to align them with the changing market dynamics, business needs and global trade practices,” the central bank said. “As a part of this process, 11 chapters of the Foreign Exchange Manual have already been revised through a consultative process with the banking industry and the business community,” it added.
The State Bank of Pakistan website is updated with latest amendments. The new amendment document in foreign exchange instructions pertaining to exports are provided in chapter 12 of the manual is accessible on the website.
The giant e-commerce Amazon added Pakistan to its sellers’ list last month.
Mr. Abdul Razzaq Dawood the Adviser to the Prime Minister on Commerce, Textile and Investment, in a tweet announcing the development, said: “It is a big accomplishment for our e-commerce and will open up vast opportunities for a new breed of young men and women entrepreneurs. We congratulate everyone involved.”