Islamabad: Pakistan Single Window (PSW) and the General Administration of Customs of the People’s Republic of China (GACC) have created a Joint Working Group (JWG) on cooperation for a proposed integration, news sources reported. The consultation was held in March between the parties to discuss the development of the joint mechanism.
Reportedly, the Federal Board of Revenue (FBR), PSW and GACC held joint collaboration consultations to discuss the cooperation mechanism and scope of data exchange. It was highlighted that the proposed JWG will help in the coordination mechanism and facilitate technical discussions between the two sides for the proposed integration.
The JWG will work on the same mechanism as the Pakistan Customs and GACC for exchanging trade valuation data through the Electronic Data Exchange mechanism. So far, the single window between the Pakistan Customs and GACC has resulted in preventing over and under billing and trade-related frauds and money laundering.
As per the PSW manifesto, it plans to interface with regional and worldwide data systems on trade financing, shipping, and customs clearance as it digitises the whole cross-border commerce ecosystem. The PSW became live in July 2021 and has since been integrated with commercial banks for the exchange of cross-border trade-related financial information.
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.
