Islamabad, 8 November 2021 (TDI): The first phase of the Pakistan Single Window project, which aims to increase trade by lowering prices, reducing bureaucratic delays, and making it easier to import and export commodities with Pakistan, was launched.

According to a statement from the US embassy, this will help both businesses and consumers. With the Adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin, and officials from the State Bank of Pakistan, the Pakistan Single Window Company, and the Federation of Pakistan Chambers of Commerce and Industry in attendance, the US government and Pakistan’s Federal Board of Revenue officially launched the project.

The Pakistan Single Window allows parties involved in trade and transportation to register standard information and documents through a single point of entry, allowing them to meet all regulatory criteria for import, export, and transit.

Previously, traders had to obtain approval from a number of different government departments, which resulted in duplication of labour and paperwork, as well as increased expenses and delays. The Subscription and Customs Registration system, as well as the Commercial Bank integration module, were announced today as the first steps in reducing these expenses and delays, which will benefit both consumers and companies.

At the inauguration, USAID Deputy Mission Director David Young said, “This project will significantly cut the time and cost of conducting business in Pakistan, and it will unlock the country’s potential to become a hub for regional and international trade and transit.”

“The Pakistan Single Window will help to open Pakistan’s economy by making trading easier. The Pakistan Single Window concept and its framework is the embodiment of this government’s vision of deep meaningful reforms impacting all sectors and every aspect of government, promoting trade competitiveness with enhanced transparency and efficiency,” Advisor Shaukat Tarin, said at the event.

The Pakistan Single Window project is overseen by USAID’s Pakistan Regional Economic Integration Activity, a five-year endeavour aimed at boosting Pakistan’s economic development by expanding both public and private sector stakeholders’ institutional and human capacity.