ISLAMABAD: The Ministry of Commerce has pinned high hopes on the expansion of transit, bilateral and regional trade after the completion of the China Pakistan Economic Corridor (CPEC) and implementation on the Convention on International Transport of Goods.
“Pakistan has agreed to become a signatory of the United Nations-backed international transit system to allow transportation of goods through the Wagah border to Afghanistan and beyond,” source at the ministry told Customs Today.
The source added that the ministry was the policy making authority and the Federal Board of Revenue (FBR) was the regulatory body about transit and border trade. The ministry has taken a number of steps to enhance transit and border trade with the neighboring countries.
“Another landmark project for expansion of transit and border trade is the China-Pak Economic Corridor (CPEC)” the source maintained adding that the Executive Committee of National Economic Council (ECNEC) had approved development of Integrated Transit Trade Management System (ITTMS) project aimed at fully capitalizing the transit trade potential of the country.
Under the proposed project, the source said that state of the art border-crossing complexes at Torkham, Wagha and Chaman would be constructed, which would reduced well time of cargo clearance, monitor pilferage and pave the way for one-window operation at country and regional levels. “The projected cost of the project is Rs 31.686 billion” the source observed.
In order to improve border management and to curb illegal trade on both sides of Pak-Iran border, the source said that a project of construction of gate along with fencing of the restricted Customs area at Taftan had been launched and the tentative date for the completion of this project was August 14, 2016.
