Wednesday December 08, 2021

SCCI seeks proper banking channel for regional trade

October 26, 2021

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) has urged the State Bank of Pakistan to establish a proper mechanized banking channel with Central Asia for smooth trade and financial transactions.

The demand was made by SCCI Acting President Imran Khan during a meeting on difficulties to trade with Central Asian Republics here on Monday.The SCCI vice-president Javed Akhtar and the chamber standing committee on Pak-CARs chairman and Director, Area Study Centre, University of Peshawar, Bashir Ahmad, were present.

The participants of the meeting discussed the impediments to trade with regional countries. They suggested a number of proposals to address the problems amicably. The SCCI office-bearer stressed the need for upgrading a web-based one Customs system (WeBoC) for facilitating trade with Central Asian Republics.

He said KP has the locational advantage of connecting South Asia with Central Asia.If KP locational advantage is properly utilized, this region would become a hub of trade, which would ultimately pave the way for bringing economic stability, prosperity and development in the whole country, added the SCCI representative.

He informed the meeting that the SCCI had inked an agreement with Uzbekistan and Surkhandarya Chambers and is likely to reach such understandings with Tajikistan, Turkmenistan, Kyrgyzstan and Kazakhstan soon. The SCCI office-bearer welcomed the government decision to allow Afghan traders for duty-free import of fresh fruits and vegetables from Afghanistan to facilitate trade. He praised the government’s decision on extending the cash-in-counter facility till 31st December, this year.