The State Bank of Pakistan has proposed a new framework to aid Pakistani exporters in selling their products on global digital marketplaces such as Amazon, Ali Baba, and e-bay, according to a press release issued today (June 14th).
“SBP recommends a framework for easing Pakistani exporters’ access to worldwide digital marketplaces such as Amazon, e-Bay, and Ali Baba through a Business to Business to Consumer E-Commerce model to enhance ease of doing business,” the SBP’s official Twitter account wrote.
According to the article, Pakistan’s central bank has recommended adjustments to its regulating rules for exporting goods and products from the country as part of its continuous endeavour to modernise foreign exchange legislation. These changes are intended to make commercial transactions easier by simplifying current instructions.
The modified draught also includes the necessary changes to export legislation to implement the Pakistan Single Window Project, which would eliminate the need for Electronic Form-E, according to a statement made by the SBP.
To make things easier for businesses, SBP regulatory clearances have been proposed to be transferred to banks. According to the State Bank of Pakistan, the proposed changes are part of an overall goal to alter existing foreign exchange legislation in order to bring them in line with changing market dynamics, company needs, and global trade practises.
The proposed changes are also part of SBP’s larger goal to update current foreign exchange trade rules and align them with evolving business sector characteristics, company demands, and worldwide exchange practises.
According to sources, Amazon, a huge online digital marketplace and e-commerce juggernaut, has added Pakistan to its seller list, which is said to be the driving force behind the proposed modifications to SBP regulations.
“This is a huge milestone for our e-commerce firm, and it will open doors for a new generation of young men and women entrepreneurs. We want to congratulate everyone who was involved.” The Prime Minister’s Adviser on Commerce, Textiles, and Investment, Abdul Razzaq Dawood, announced in a tweet.