On Friday, Finance Minister Shaukat Tarin stated that the Pakistan Single Window (PSW) will not only reduce time, cost, and complications while making a significant contribution to the ease of doing business, but it will also enable the country to realize its potential as a regional and international trade and transit hub as well.
The minister, who chaired the first meeting of the PSW Board of Directors, also urged participants to accelerate the implementation of the second and third steps in order to eliminate hidden costs and inefficiencies in the governance of international trade and logistics.
PSW is a virtual system that, following extensive process re-engineering, connects the necessary ministries, customs, port authorities, banks, and other relevant departments to create a single window for the management of international trade.
According to an official announcement, the secretary of the council informed Mr. Tarin about the progress made on the Pakistan Standardized Warehouse (PSW), which allows parties involved in trade and transportation in Pakistan to lodge standardized information and documents at a single registration point.
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He went on to say that the first part of the PSW program has already been implemented and that the second and third stages will be completed within the next two years.
The introduction of PSW will increase the competitiveness of Pakistan’s ports by lowering transaction costs. It will also improve the efficiency with which value-added services are provided to both businesses and consumers. The cargo would be cleared in the shortest amount of time possible. It is anticipated that approximately 75 regulatory departments will be connected through an information and communications technology (ICT)-based system, creating a single point of entry to promote cross-border business with the least amount of physical touch, according to the minister.
Pakistan Single Window Act, which was promulgated in April of this year, establishes the Governing Council as the highest authority in the business model of PSW that has been approved. Several major stakeholders and famous private sector topic specialists have come together to ensure that this essential project is completed on schedule while also reducing roadblocks in its implementation.
The finance minister serves as the chairperson of PSW’s Governing Council, which also includes the secretaries of commerce, M/o NFS&R, maritime affairs, science and technology, the secretary of narcotics control division, a member of customs operations, and the CEO of PSW Company. PSW is a public-private partnership.
Deep-seated reforms being implemented by the government as part of the PSW program will increase trade competitiveness while also improving transparency and efficiency. The new system will make better use of information and communication technologies in order to ensure greater compliance with cross-border commerce rules and regulations.