Daily Times

ISLAMABAD: Advisor to Finance Minister on Finance and Revenue, Shaukat Tarin here on Monday highlighted the importance of taking full advantage of new opportunities emerging out of global economic recovery after it was hit hard by Covid-19 during last two years.

The advisor was addressing the launching ceremony of Pakistan Single Window (PSW), one of the ambitious, wide-ranging, and comprehensive reform initiatives undertaken in the public sector in recent years. The advisor was of the view that during the past two years, Covid-19 had badly affected global supply chain and trade whereas the cost of production and shipping had also gone up.

He said the world economy was recovering now and the business activities would not only resume but would also grow at much faster pace, so there is a dire need to take advantage of this opportune situation. “The worst seems to be over and as economies begin to recover globally. We expect business activity to resume and in fact, growing at a much faster pace. Pakistan and Pakistani business have to be ready for taking advantage of new opportunities,” he said.

Talking about the PSWS, he said it would not only facilitate international trade but would also help accelerate digital transformation of the public sector agencies connected to international trade. He said PSW was in line with the vision of the government to promote competitiveness, transparency, and efficiency and lauded Pakistan Custom for leading this initiative.

He said that it was the priority of the government to facilitate businesses, including small and medium-size ones by providing a suitable enabling environment for growth and innovation and improving their competitiveness by reducing their cost and time for doing business. He expected that the single window would provide a comparative advantage to Pakistan businesses and trading community to enter new markets to enhance exports.

The adviser said PSW would further boost regional connectivity by effective use of technologies, ensuring enhanced facilitation of trade trading across borders. Besides, he said, it would also help counter financial crimes and trade-based money laundering through the integration of international shipping and databases and eventually enable seamless connection in the dissemination of information to Customs, State Bank of Pakistan, and other relevant agencies.

He lauded the efforts of development partners including World Bank, Asian Development Bank, USAID, and IFC for providing technical assistance and support to PSW. He said business community was also an active partner of PSW, expressing the hope that it would continue support to make PSW more robust and help in its evolution to cater to needs of the businesses. He said government was committed to take all possible measures to facilitate legitimate business and promote business environment, adding that business community also had the responsibility to play role for the development of homeland.

He said the government was actively pursuing the agenda to make Pakistan a hub for regional trade and transit and realize full impact of Pakistan’s geostrategic and geo-economic location. He said in this regard the major mile stone was achieved by operationalisation of TIR agreement and dispatch of transit consignments to Uzbekistan and Turkey.