The Pakistan Single Window (PSW), a virtual system envisioned to make international trade management easier, will enable Pakistan to unlock its potential of becoming a hub for regional and international trade and transit as deep-rooted reforms are being undertaken under the PSW program.
This was stated by Federal Minister for Finance and Revenue Mr. Shaukat Tarin while presiding over the maiden meeting of the PSW Governing Council held at the Finance Division on Friday.
Secretary PSW Governing Council apprised the Finance Minister of the key functions of PSW, a virtual system connecting the concerned Ministries, Customs, port authorities, banks, and other relevant departments after major process re-engineering to provide a single-window for management of international trade.
He said PSW is a facility that allowed the parties involved in trade and transport in Pakistan to lodge standardized information and documents at a single registration point. “This eliminates the hidden costs and removes inefficiencies in the governance of international trade including logistics,” he underlined.
First Phase Complete
He said the first phase of the PSW program had been rolled out, while its second and third phases would be completed within the next two years. He added that the implementation of PSW would make Pakistan’s ports competitive by minimizing the transaction costs and would also enhance the efficient provision of B2B and B2C value-added services. He underlined that the cargo would be cleared in the minimum possible time. Over 75 regulatory departments will be fully integrated through ICT based system, providing a single point of entry to facilitate trading across borders with minimal need for any physical contact, he added.
The Federal Finance Minister asserted that PSW would reduce time, cost, and complications while contributing significantly toward ease of doing business in the country. He affirmed that the reforms being undertaken under the PSW program by the government would promote trade competitiveness with enhanced transparency and efficiency. “The new system will leverage information and communication technology to ensure better compliance with the cross-border trade regulations,” he remarked.
The Finance Minister commended the efforts of Pakistan Customs as the lead agency of the PSW program and all those who have been part of PSW, a transformational project, which will take Pakistan’s trade to the next level. He affirmed full support and facilitation on the occasion.
About PSW Governing Concil
The PSW Governing Council is the apex body in the approved business model of PSW under Pakistan Single Window Act, promulgated in April 2021. The Governing Council comprises key stakeholders and prominent private sector subject specialists to oversee the timely completion of this important project while removing hurdles in its implementation. The Finance Minister is the Chairperson of PSW Governing Council which also comprises Secretary Commerce, Secretary Ministry of Food Security and Research, Secretary Maritime Affairs, Secretary Science & Technology, Secretary Narcotics Control Division, Member Customs Operations, and CEO PSW Company.
The meeting was attended, among others, by Federal Secretary for Narcotics Akbar Durrani, Additional Secretary Commerce, Additional Secretary Economic Affairs Division, Member Customs FBR, and senior officers of the Ministry of National Food Security & Research, Ministry of Health, Ministry of Science & Technology, Ministry of Maritime Affairs.