KARACHI: A detailed procedure of cross-stuffing of forward cargo under Uzbekistan-Pakistan Transit Trade Agreement has been prescribed.
Federal Board of Revenue (FBR) has advised all terminals and freight stations that on ground arrangements for secure cross-stuffing of such containers at respective off-dock terminals be made at the earliest.
The procedure have been framed with the input of Syed Tariq Huda Member Customs Operations, Saeed Jadoon Member Customs Policy, Ahmad Reza Ex DG Transit, Abdul Waheed Chief (Facilitation and Compliance), Engr Habib Director Transit and Maria Qazi Joint Secretary Ministry of Commerce.
Central Asian Republics have approached Pakistan for transit trade and Free Trade Agreements. However, Pakistan is currently focusing on Uzbekistan for the Transit Trade agreement and FTA.
Uzbekistan is the gateway to important Central Asian Republics such as Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan. More importantly, Uzbekistan is also the gateway for the Russian federation.
Pakistan has shown readiness to sign the free trade agreement (FTA) during the visit of the prime minister, but authorities in Uzbekistan seem not ready.
Under the FTA, Pakistan will get duty relief on its over 100 tariff lines and Uzbekistan on 37 tariff lines. The current bilateral trade with Uzbekistan stands at just 37 million dollars, which will escalate manifold once the FTA with Uzbekistan is signed. Total trade of Uzbekistan with the world stands at $30 billion out of which its exports are at $11 billion and imports stand at $19 billion.
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