KARACHI: State Bank of Pakistan (SBP) has proposed revision in the regulatory framework for facilitating Pakistani exporters to sell their products through international digital marketplaces such as Amazon, eBay, and Alibaba.
According to a press release issued today (Monday), these changes aim at promoting ease of doing business by simplifying the existing instructions in the foreign exchange regulations.
“Continuing with the agenda of modernizing foreign exchange regulations, State Bank of Pakistan has proposed changes in its regulatory instructions for exports of goods from Pakistan,” the press release said.
“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 added.
The statement further 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,”
“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 added.
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.
The latest amendments in foreign exchange instructions pertaining to exports are provided in chapter 12 of the manual. Last month, e-commerce giant Amazon had added Pakistan to its sellers’ list.
