Tarin Hails Progress Of PSW On EODB
Faizan Hashmi Published September 25, 2021 | 12:10 AM
ISLAMABAD, (UrduPoint / Pakistan Point News - 25th Sep, 2021 ) :Federal Minister for Finance and Revenue Shaukat Tarin on Friday hailed the progress of Governing Council of Pakistan Single Window (PSW) for Ease of Doing Business (EODB) in the country.
The Federal Minister for Finance and Revenue Shaukat Tarin, presided over the first meeting of Governing Council of Pakistan Single Window (PSW) held at the Finance Division, said a press release issued by Ministry of Finance, said a press release issued.
The Secretary of the Governing Council briefed the Finance Minister about the Pakistan Single Window (PSW), a virtual system which is connecting the concerned Ministries, Customs, port authorities, banks and other relevant departments after major process re-engineering to provide a single window for management of international trade. The PSW is a facility that allows parties involved in trade and transport in Pakistan to lodge standardized information and documents at a single registration point.
This eliminates the hidden costs and removes inefficiencies in governance of international trade including logistics.
He further briefed that first phase of PSW program has been rolled out while its 2nd and 3rd phases will be completed within the next two years.
The implementation of PSW will make Pakistan's ports competitive by minimizing the transaction costs and also enhance efficient provision of B2B and B2C value added services.
The cargo would be cleared in a minimum possible time. Over 75 regulatory departments will be fully integrated through ICT based system, providing a single point of entry to facilitate trading across borders with minimal need for any physical contact, he added.
The Governing Council (GC) is the apex body in the approved Business model of PSW under Pakistan Single Window Act, promulgated in April this year.
The GC comprises of key stakeholders and prominent private sector subject specialists to oversee timely completion of this important project while removing hurdles in its implementation. The Finance Minister is the Chairperson of PSW's Governing Council which also includes Secretary Commerce, Secretary M/o NFS&R, Secretary Maritime Affairs, Secretary Science & Technology, Secretary Narcotics Control Division, Member Customs Operations and CEO PSW Company.
In his remarks, the Finance Minister appreciated the progress and stated that PSW will reduce time, cost and complications while contributing significantly towards ease of doing business in the country.
PSW will enable Pakistan to unlock its potential in becoming a hub for regional as well as international trade and transit.
Deep rooted reforms being undertaken under PSW program by the government will promote trade competitiveness with enhanced transparency and efficiency. The new system will leverage information and communication technology to ensure better compliance with the cross-border trade regulations.
The Finance Minister commended the efforts of Pakistan Customs as the lead agency of PSW program and all those who have been part of PSW, a transformational project, which will take Pakistan's trade to the next level.
He affirmed full support and facilitation on the occasion.
Among others, Federal Secretary for Narcotics Akbar Durrani, Additional Secretary Commerce, Additional Secretary Economic Affairs Division, Member Customs FBR and senior officers of the Ministry of National food Security & Research, Ministry of Health, Ministry of Science and Technology, Ministry of Maritime Affairs participated in the meeting.
Related Topics
Recent Stories
UHS declares MBBS first prof, MS urology exam results
Separate coaches to be hired for ODIs, Test and T20I formats
Finance Minister calls for reforming tax system to improve country's economy
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
More Stories From Business
-
Exchange rates for currency notes
56 minutes ago -
PTC rebuts misleading tax loss figures, seeks fair market competition
2 hours ago -
Economy commences on better note in 2024: Finance Minister
2 hours ago -
Gold rates up by Rs.3,800 to Rs.234,800 per tola
2 hours ago -
SACM directs authorities to find out solution to problems of miners, crush plants
2 hours ago -
Weekly inflation falls slightly
2 hours ago
-
Uzbekistan's Ambassador, Pakistan’s Commerce minister forge path for enhanced economic ties
2 hours ago -
Finance Minister calls for reforming tax system to improve country's economy
3 hours ago -
Economy commences on better note in 2024: Finance Minister
3 hours ago -
BIST 100 up at Friday’s open
4 hours ago -
Biden administration approves $60M to rebuild Baltimore bridge
4 hours ago -
China to export homegrown tunnel-boring machine to Italy
5 hours ago