Islamabad: As per the latest news, the State Bank of Pakistan proposed a new framework to assist Pakistani exporters in selling products on foreign digital marketplaces such as Amazon, Ali Baba, e-bay, and others.
“SBP proposes a framework for facilitating Pakistani exporters to sell products through international digital marketplaces such as Amazon, e-Bay, and Ali Baba under Business to Business to Consumer E-Commerce model to enhance ease of doing business,” the SBP’s official Twitter handle tweeted.
According to the report, the state bank of Pakistan has proposed revisions to its regulating instructions for exporting goods and products from Pakistan, as part of its aim of modernizing foreign exchange laws. By streamlining the current instructions, these revisions aim to promote ease of doing business.
The new draft also includes the essential adjustments to export laws to implement the Pakistan Single Window Project, which would eliminate the demand for Electronic Form-E, according to a statement released by the SBP.
“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,” stated the State Bank.