KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday welcomed the decision of the central bank for removing the condition of Form-E to facilitate small scale exporters.
FPCCI President Mian Anjum Nisar in a statement applauded the State Bank of Pakistan (SBP) for the waiver of the E-form requirement for up to the US $5000 per consignment for small industries. He said that this move will facilitate the small exporters, especially women business entrepreneurs, and will tremendously boost the exchequer.
The State Bank of Pakistan has exempted exports from the E-form requirement for up to the US $5000 per consignment in order to boost exports in the changing situation of global consumer markets due to the Covid-19 epidemic crisis. The State Bank of Pakistan has issued a detailed regulatory framework to facilitate Business-to-Consumer (B2C) E-Commerce exports from Pakistan.
He said that this exemption will facilitate the exporters for sending goods directly to consumers market and will encourage many others who were not able to face the documentations complications.
FPCCI always recommends the Government for business friendly policies for the small traders and enterprises. FPCCI appreciates the Government and the State Bank of Pakistan for addressing the concerns and considered the recommendations of FPCCI in this regard.
The FPCCI welcomes the SBP statement in the perspective of global lockdown for Covid-19 pandemic, that consumer market place has now shifted from traditional market place to E-commerce.
Pakistan needs to adopt the modern business dynamics of E-commerce. In line with these trends, the SBP focused on facilitating cross border trade for B2C exports from Pakistan.
The SBP collaboration with the relevant stakeholders including the Business Community, Pakistan Customs, Ministry of Commerce, Courier Companies, and Banking Industry in a bid to develop a regulatory framework was also appreciated which will not only address the market needs but also take into account regulatory objectives.