Islamabad: Pakistan, in collaboration with the Asian Development Bank (ADB) will develop a modern Integrated Transit Trade Management System (ITTMS) at Torkham, news sources reported on June 30. The system will help clear goods arriving at the Pakistan border from Afghanistan and Central Asian Republics (CARs).
According to reports, the customs clearance one-window crossing project would be completed by July 2023 with a PKR 16.60 billion grant from ADB. Once completed, the project will increase trade volume between the countries by 37%, reducing the time it takes for items to be cleared. In an interview with the media, Torkham Additional Collector Customs Muhammad Tayyab stated that the system is meant to link and coordinate 77 different departments in order to clear products on time and reduce the cost of doing business for traders.
He also added that the trade volume between the two countries will increase since the system will be able to accommodate 500 cargo vehicles at once, reducing transit time. He further stated that the initiative is a continuation of Pakistan’s commitment to the World Trade Organization (WTO). He went on to say that because Pakistan complied with the conditions of the agreement, the World Bank (WB) raised Pakistan’s ranking from 136th to 108th in terms of trade facilitation. He said that Pakistan had already executed 80% of the agreement’s terms.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
