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State Bank issues regulatory framework to facilitate e-Commerce exports from Pakistan

TechJuice Written by TechJuice · 1 min read>
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According to a press release issued by the State Bank of Pakistan (SBP), the bank has issued a regulatory framework to facilitate Business-to-Consumer (B2C) e-Commerce exports from Pakistan. Under the new regulatory framework, the mandatory requirement of the ‘Export’ (E) form has been removed and now an exporter can export goods up to $5,000 per consignment without submitting the ‘E’ Form.

This step will facilitate exports in small quantities directly to consumers. This will also help small entrepreneurs and exporters who typically export varied goods in small quantities and find it cumbersome to fulfill the detailed requirements of E Form that is mainly designed for bulk exports. This was aimed at improving the competitiveness and digital connectivity of Pakistani businesses with the global market during the development phase of the e-Commerce Policy.

Up till now, goods from Pakistan could only be exported after certification of Electronic/ Manual Export (‘E’) Form-E by the Authorized Dealers (ADs) and subsequent filing of Goods Declaration by the customers with Pakistan Customs. The ‘E’ Form was required for each shipment with a complete description of the goods being exported and had been designed keeping in view the export of large quantities of homogenous goods.

The new regulatory framework would address the pressing demand of e-commerce exporters, including the small entrepreneurs, besides providing the much-needed impetus for the recognition and growth of e-commerce exports from Pakistan. It would also pave the way for the big corporate brands, SMEs, and startups, to enter the global consumer markets and contribute to the export earnings of the country. The new regulatory framework is expected to be beneficial in improving the country’s rating in the Ease of Doing Business index. Moreover, this framework would also help in documenting the exports of small shipments, which earlier could not be included in the formal exports of the country due to the absence of any such framework.

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Written by TechJuice
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