KARACHI: American Business Council of Pakistan has urged the government to prepare a negative list of items under Afghan transit trade, which are not utilized in Afghanistan yet are imported and make their way into Pakistan.
The American Business Council in its trade policy for 2012-13 proposed that there should be a native list to protect local industrial output.
On the subject of Afghan-Pak Trade and Transit Agreement (APTTA), the council said that it allowed shipping trucks to transit goods within both nations. To tackle the issue of unauthorized trade, both countries had agreed to install tracking devices on transport units and customs information sharing (IT data and others) should be done.
In addition, it was also agreed that financial guarantees equal to the amount of import levies of Pakistan will have to be deposited by authorized brokers or customs clearing agents, which will be released after the goods exit Pakistan.
Contrary to this, Afghan Transit Trade (ATT) is causing unlimited damage to the Pakistan economy as goods which are imported to be used in Afghanistan only are freely available in the Pakistan market without any customs or import duty. Very little is being done to control this despite written agreement on papers.
Therefore it proposed:
Customs procedures and Cross-boarder rules should be published for transparency.
Containers coming back from Afghanistan should be checked by customs.
Streamlining of border crossing procedures on financial guarantee by banks and antiÃ¢â‚¬Âcorruption measures.
Establish formal Banking channel for effective clearance and settlement system to document trade flows.
The benefit of such initiative would help in reducing cross-border smuggling, increase government revenues from legitimate trade; and the government will receive substantial taxes as the domestic production would increase. Ã¢â‚¬Å“This helps in reducing unemployment,Ã¢â‚¬Â the council said.
Al Doc PDF File/Link
- FBR decides to replace GST with VAT 21-Nov-2019
- Total’s Saft gets order for three Intensium Max 20 High Energy containers from TuuliWatti 20-Nov-2019
- Rostelecom to acquire data center provider DataLine 20-Nov-2019
- 12MW grid energized to facilitate Getz Pharma’s new plant 20-Nov-2019
- FPCCI lauds relocation of trade missions 20-Nov-2019
- FIR lodged against Pak Shaheen Container Yard and others for fraud 20-Nov-2019
- Steel coils import: Customs Intelligence launches crackdown against misuse of concessionary regime 20-Nov-2019
- New Zealand’s AFT Pharmaceuticals to sell its pain relief medicine in Pakistan 20-Nov-2019
- Mulkia Investment signs SAR300mn Shariah compliant facility from Bank Albilad 20-Nov-2019
- Stride sells Bunnings, Wellington Shopping Centre and Bay Central Shopping Centre for $140.75mn 20-Nov-2019