Prime Minister (PM) Imran Khan has said that the implementation of the Pakistan Single Window (PSW) Act 2021 will bring $500 million in annual savings to the country.
As per details, the PSW Act 2021 aims to bring an ease in imports and exports. PM Khan said that the PSW will also integrate 75 regulatory departments including customs, banks, port authorities, shipping companies, brokers, etc.
PSW will be managed by an independent authority that will play a crucial role in unlocking Pakistan’s potential to become a hub for international transit and trade.
According to reports, the PSW was inaugurated last week in Islamabad by the Federal Board of Revenue (FBR) in compliance with the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO).
The PSW was rolled out almost a year before its deadline of June 2022 at a cost of $67 million through an indigenous development effort.
The Customs department has been tasked with completing this transformational project that will reduce time, cost, and complications while ensuring better compliance with cross-border trade regulations.