In a news statement issued today (June 14th), the State Bank of Pakistan recommends a new framework to assist Pakistani exporters in selling their products on foreign digital marketplaces such as Amazon, Ali Baba, and e-bay.
The SBP’s official Twitter account tweeted, “SBP proposes a framework for facilitating Pakistani exporters’ access to international digital marketplaces such as Amazon, e-Bay, and Ali Baba through a Business to Business to Consumer E-Commerce model to promote ease of doing business.”
According to the report, as part of its ongoing effort to modernise foreign exchange laws, Pakistan’s central bank has proposed revisions to its regulating instructions for exporting goods and products from the country. These modifications are intended to facilitate commercial transactions by streamlining existing instructions.
According to a statement released by the SBP, the amended draught also includes the essential adjustments to export laws to implement the Pakistan Single Window Project, which would eliminate the demand for Electronic Form-E.
“To facilitate the business community, regulatory approvals required by SBP have been proposed to be delegated to banks. The proposed modifications are part of the State Bank of Pakistan’s overall objective to reform existing foreign exchange laws in order to bring them into line with changing market dynamics, corporate needs, and global trade practises, the State Bank stated.
Additionally, the suggested modifications are part of SBP’s broader strategy to amend present foreign exchange trade standards and to align them with changing business sector characteristics, business demands, and global exchange practises.
According to reports, Amazon, a massive online digital marketplace and e-commerce behemoth, has included Pakistan to its seller list, which is viewed as the primary reason for proposing these changes to SBP regulations.
“This is a significant achievement for our e-commerce business and will create enormous opportunities for a new generation of young men and women entrepreneurs. We extend our congratulations to everyone involved.” Abdul Razzaq Dawood, the Prime Minister’s Adviser on Commerce, Textiles, and Investment, stated in a tweet.