The State Bank of Pakistan state that the key modification suggested involves a framework for supporting Pakistani exporters to sell their products on international digital marketplaces including Amazon, e-Bay, and Ali Baba.
The State Bank of Pakistan has presented a framework for assisting Pakistani exporters to promote their products through international digital marketplaces.
In a press release announced on Monday, the central bank mentioned it had presented alteration in its regulatory orders for exporting products from Pakistan with the agenda of rationalizing foreign exchange adjustments.
It further elaborated that the changes were focused on developing ease of doing business by rationalizing existing orders.
it stated that The key modification suggested involves a bodywork for supporting Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay, and Ali Baba under business to business to a consumer e-commerce model.
Adjustments needed in export regulations to apply the Pakistan Single Window Project, which would remove the demand of an electronic Form-E and are also part of the changed draft, it further said.
Legislative consent needed from the State Bank of Pakistan has been initiated to be assigned to banks to assist the business community. The central bank announced that the recommended changes are a part of SBP’s broader agenda to change remaining foreign exchange regulations to place them with the replacing market variation and business requires and global trade practices.
It further elaborated that, as a part of this process, eleven chapters of the foreign conversion handbook have previously been changed through a consulting process with the banking industry and the business community.
The latest modification in foreign exchange orders obtaining to exports is offered in chapter twelve of the manual. The document has been uploaded to the State Bank of Pakistan website and can be obtained here.
The previous month, e-commerce mighty Amazon had joined Pakistan to its sellers’ list.
In a tweet revealing the growth, Abdul Razzaq Dawood Adviser to the Prime Minister on Commerce, Textile and Investment described that it is a big achievement for our e-commerce and will extend up vast opportunities for young men and women businessmen. We praise everyone involved.