Pakistan, China to digitalize custom documentations

BEIJING—Pakistan and China Tuesday agreed to digitalize customs documentations to ensure transparency in conformity with the international standard and to help further broadening trade between the two countries.
The consensus to this effect was reached at a meeting held between the Chinese Minister for Customs Administration Sheng Guangzu and Secretary General/Chairman Federal Board of Revenue M. Abdullah Yusuf here. The Chairman FBR later talking to newsmen termed today’s meeting as very productive and reflective of the fact that both the countries were maintaining very close relations in every sphere including economic relations.
He said that both the sides agreed to constitute a working group and the first meeting of the group would be held in Pakistan in July. Abdullah Yusuf said that the working group will work out modalities with their Pakistani counterparts to help in bringing improvement in customs documentations by removing impediments if any.
“It will also help in facilitating and monitoring the trade between two countries”, he said. The Chairman FBR said that the digital exchange of documents between the two sides would also help curbing the over and under invoicing and other customs producers that delays the clearance of goods.
He pointed out that the meeting was in line with the agreement signed in 2005 by both the sides and also defined in the FTA. Abdullah Yusuf who arrived here yesterday after two-day visit to Shenzhen said that he would really astonished to see the over all development that took place in China, since he last visited in 1985.
He said that China is now an economic power and if the Chinese economy grows, the Pakistan economy would also expand. The Chairman FBR also mentioned the incentives Pakistan government is offering to Chinese investors and said that all formalities have been completed for setting up the ambitious Chinese specific the Haier- Ruba Special economic Zone near Lahore. He said that the project will create a win-win situation for both sides, adding that through setting up Joint Ventures, China would export the products manufactured in this Zone with Zero rate while Pakistan would be able to avail the most modern Chinese technology that would help produce goods in competitive prices to make en-road in international market.
Abdul Yusuf pointed out that his visit was in line with the decisions taken by Chinese President Hu Jintao and President Pervez Musharraf at a meeting held when both the leaders met during President Musharraf’s recently concluded visit to China in which it was decided to implement decisions on fast track.
He said that at the meeting the leaderships of both the countries also discussed to implement the Quarterlateral Trade Agreement to expand trade by road between Pakistan, China, Kazakhstan and Kirghizstan and also setting-up of a Warehouse to help broadening trade.—APP