PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) urged the State Bank of Pakistan to establish a ‘mechanized banking channel’ with central Asian countries for easy financial transactions and facilitate regional trade.
The demand was made by acting president Sarhad Chamber of Commerce and Industry Imran Khan Mohmand during a meeting regarding difficulties to trade with Central Asian Republic countries in the absence of ‘mechanized banking channel’. The meeting held here at the chamber house on Monday. Participants of the meeting discussed the impediments in the way of bilateral trade with regional countries and presented proposals to resolve issues. The traders urged the need of up-gradation of Web-based Customs system (WeBoC) for facilitating trade with Central Asia.
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The traders were of the view that KP has the geographical advantage of connecting South Asia with Central Asia and with Eastern Europe. “KP’s geographical advantage should properly be utilised. This region would become a hub of trade and will pave the way for economic stability.”
The SCCI had inked an agreement with Uzbekistan and Surkhandarya Chambers and is likely to reach agreements with Tajikistan, Turkmenistan, Kyrgyzstan and Kazakhstan soon. The traders welcomed the decision to allow Afghan traders for duty-free import of fruits and vegetables from Afghanistan. But urged the government to keep border crossings open around the clock.
To facilitate trade with central Asian states, the Khyber Pkahtunkhwa government has decided to open two more border crossings. The historical trade routes are known as Arandu and Dorah Pass near Salim Shah area in Chitral district. The federal government has issued the notification to open the Arandu crossing point in 2019. The Khyber Pkahtukhwa chief minister special Advsior on Industries Abdul Karim Khan told the media that the new crossing points will not only generate economic activities in Chitral but also employment opportunities for the local population.