ISLAMABAD: Federal Minister for Finance Senator Mohammad Ishaq Dar said on Thursday that the government is working to create a secure trade corridor for economic development of the country.
He stated this while inaugurating the, a conference on “Integrated Transit Trade Management” organized here Thursday by Federal Board of Revenue (FBR) on “Integrated Transit Trade Management” here Thursday with a view to enhance Transit Trade controls through modernization of Customs’ business processes in collaboration with all Donor Agencies including World Bank, IMF, ADB , JICA, USAID, HIS, UNODC etc.
The conference was also attended by Secretary Economic Affairs Division, Secretary Communication, Secretary Board of Investment, NLC and former Chairman FBR, Abduallah Yousaf.
The Minister Finance said that the government is working to create a secure trade corridor for economic development of the country.
He stressed the need to update existing logistics to improve international transit trade.
Addressing the session Chairman FBR Tariq Bajwa elaborated on the concept of the day long conference as to develop a strategic road map for modernization of Pakistan Customs Business Processes to enable Pakistan to become a hub of transit trade with all regional countries including India.
This, he said will facilitate the journey towards ultimate development of the country.
Member Customs in his opening presentation explained the challenges faced by Pakistan Customs as it strives to facilitate transit trade from Karachi, Chamman, Torkham and Wahga borders.
“If the impediments faced by Pakistan Customs due to lack of resources can be eased, Pakistan can prove to be an excellent transit trade route for its land locked neighbor, Afghanistan and provide cheaper access to sea port for China, besides improving bilateral trade with India”, he said.
Transit trade is already on rise as a global phenomenon. International donors showed immense interest in the project since the facilities provided to Pakistan Customs will not only lead to making Pakistan a transit trade hub but also mean that Pakistan Customs is more equipped to safe guard the borders of the country and the society from illicit trade.
The experts of the conference hoped that with the help of International donors, Pakistan will be able to use its strategic location for its economic development, a key economic resource which till this date remains largely unexplored.