Gawadar, 30 July 2022 (TDI): In a significant development, exports have been set in motion in the Gwadar Free Zone for the first time with a 20-year exemption from all types of taxes and customs charges. The Free Zone will have no taxation and customs duties for the next two decades.
The Gwadar Free Zone, both north and south, has begun supplying trade goods and manufactured goods to the Pakistani market. Exports will be done in various other international markets as well.
In a major development, exports have been set in motion for the first time in the Gwadar Free Zone in the backdrop of exemption from all sorts of taxes and customs duties for a period of 20 years.https://t.co/guQdhrp6oM pic.twitter.com/LUocjV0a7s
— Trade Development Authority of Pakistan (TDAP) (@tdap_official) July 29, 2022
Both initiatives are meant to assist Pakistan in realizing its goal of being a high-performing export-oriented nation in the global trade environment. The project is coordinated with the e-Custom (Web-based One Custom – WeBOC) system.
Gawadar Business Corporations Boosting Trade
Agvon is a company operating in the Gwadar North Free Zone that deals with importing and processing fertilizers. Agvon announced that it would sell 20,000 tons of potassium sulfate to markets in Pakistan and beyond.
The business anticipates opening its production facilities at the beginning of the next year. Agvon has already purchased 10 acres of land for this use and has also started building a production facility.
Additionally, HK Sun Corporation, another business participating in the Gwadar Free Zone, will export its shipment to Pakistan’s tariff zone.
“As per this module, functionalities pertaining to import and export from Gwadar that have been introduced include import from abroad to the Gwadar Zone through transshipment via both Karachi and Gwadar Ports, export to the tariff area and abroad from the zone,” a Gwadar Free Zone official said.
“Additional modalities are expected to be introduced in the coming week, as stated by a document of Pakistan Customs.”
He further said that exports through WeBOC from the zone to the tariff area outside, and vice versa, will boost commercial operations in Gwadar.
It will also impact the surrounding area and help with the industrialization push.
Additionally, logistical services will be expedited.
