Iran and Pakistan have signed a memorandum of understanding (MoU) for real time electronic data exchange between the two countries’ customs authorities.
The MoU signals the two countries’ intent to curb under- and over-invoicing of goods and services.
Iran and Pakistan agreed in principle to exchange customs data many years ago in 2004 when they signed the Customs Mutual Assistance Agreement.
Last year the two countries held talks to make progress on this agreement, the outcome of which is the newly signed MoU.
The MoU indicates that the two countries will exchange documents related to goods imported and exported between Iran and Pakistan. They will also establish a fully automated clearance system.
Documents should clearly state advance information about values, descriptions and quality of the goods to be imported or exported.
Iran and Pakistan have also agreed to run a pilot project to analyse the traffic of goods and people, initially at the Taftan-Mirjaveh border stations and subsequently at more stations.
Categories: Trade Based Financial crimes News