ISLAMABAD, Apr 5 (APP):Senate on Monday unanimously passed a bill the Pakistan Single Window Bill, 2021 Moved by the Minister for Finance Hammad Azhar.
As per the objectives and reasons of the bill, the Pakistan Customs would be a lead agency to establish information and communication technology based National Single Window (NSW) system.
The NSW is facility that allows parties involve in trade and transport to lodge standardized information and documents with a single entry point to fulfill all import, export and transit related regulatory requirements implementation of NSW enables Pakistan to meet its obligations under WTO’s trade facilitation agreement while improving ease of doing business in cross border trade.
The draft PSW bill, 2020 provided legal basis for adoption of functional, operational, governance and revenue models required to develop and operate NSW system on sustainable basis and in line with the best international practices.
This bill will help Pakistan to comprehensively improve transparency, efficiency and control and imports, exports and transit trade besides meeting its international obligations.
It will also help Pakistan to unlock its potential in becoming a regional hub for trade and transit by reducing time, cost and complications associated with fulfillment of multiple paper based regulatory requirements.