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SBP proposes framework to facilitate exporters in selling products on digital marketplaces – Business

The State Bank of Pakistan (SBP) has proposed a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces.

In a press release issued on Monday, the central bank said it had proposed changes in its regulatory instructions for exporting goods from Pakistan with the agenda of modernising foreign exchange regulations.

It added that the changes were aimed at promoting ease of doing business by simplifying existing instructions.

“The key amendments proposed include a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay and Ali Baba under business to business to consumer (B2B2C) e-commerce model,” it said.

Amendments required in export regulations to implement the Pakistan Single Window Project, which would eliminate the requirement of an electronic Form-E, are also part of the revised draft, it added.

“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,” the central bank said.

As a part of this process, 11 chapters of the Foreign Exchange Manual have already been revised through a consultative process with the banking industry and the business community, it added.

The latest amendments in foreign exchange instructions pertaining to exports are provided in chapter 12 of the manual. The document has been uploaded to SBP’s website and can be accessed here.

Last month, e-commerce giant Amazon had added Pakistan to its sellers’ list.

In a tweet announcing the development, Adviser to the Prime Minister on Commerce, Textile and Investment Abdul Razzaq Dawood said: “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.”

Reference