ISLAMANAD: Pakistan has removed the financial instrument requirement for kinnow exports to Central Asia and Eastern Europe for the current season.
The Ministry of Commerce approved a special concession exempting kinnow and potato exporters from submitting financial documents, including letters of credit or other export guarantees, for shipments to Central Asia and Eastern Europe.
The exemption is applicable for the ongoing export season and aims to facilitate Pakistani exporters by simplifying procedural requirements.
Authorities highlighted that the special concession will primarily benefit exports routed through Iran, allowing traders quicker access to Central Asian and Eastern European markets. This step is expected to encourage increased fruit and vegetable exports, including kinnow and potatoes, from Pakistan.
Guidelines for export
While the financial instrument requirement has been waived, the Ministry of Commerce stated that the procedure for repatriation of export revenue will be issued separately. Exporters are advised to follow forthcoming guidelines to ensure compliance with national regulations.
The Ministry of Commerce has formally communicated the exemption to the Federal Board of Revenue (FBR) and the State Bank of Pakistan to ensure smooth implementation and monitoring of the policy.
