State bank of Pakistan proposes a new framework at a press release today (on 14th of June), to facilitate Pakistani exporters for selling products on international digital marketplaces like Amazon, Ali baba, e-bay, etc.
The official Twitter handle of the SBP Tweeted, “SBP proposes a framework for facilitating Pakistani exporters to sell products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer E-Commerce model to promote ease of doing business.”
According to the news, proceeding with the agenda of modernizing foreign exchange regulations, the state bank of Pakistan suggests changes in its governing directives for exporting goods and products from Pakistan. These changes aim at promoting ease of doing business by simplifying the existing instructions.
According to a statement released by the SBP, the necessary amendments in export regulations to implement the Pakistan Single Window Project, which would eliminate the requirement of Electronic Form-E, are also part of the revised draft.
“Regulatory approvals required from SBP have been proposed to be delegated to banks to facilitate the business community. The proposed changes are a part of SBP’s broader agenda to revise existing foreign exchange regulations to align them with the changing market dynamics, business needs, and global trade practices,” said the State Bank.
Further, their statement added that the proposed changes are a part of SBP’s more comprehensive plan to revise the current foreign exchange trade guidelines and to adjust them with the changing business sector elements, business needs, and worldwide exchange practices.
As per sources, Amazon, which is a huge online digital marketplace and a gigantic e-commerce website, has added Pakistan to its seller list, which is considering to be the main reason for proposing these changes in SBP regulations
“It is a big accomplishment for our e-commerce and will open up vast opportunities for a new breed of young men and women entrepreneurs. We congratulate everyone involved.” Said Abdul Razzaq Dawood Adviser to the Prime Minister for Commerce, Textile, and Investment in his Tweet.
