Pakistan’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway, is to integrate with its Chinese counterpart after the customs authorities in the two countries agreed to form a joint working group.
The group has committed to create integrated systems with the aim of detecting under- or over-invoicing and countering trade-based money laundering (TBML) in bilateral trade.
China is Pakistan’s largest source of imported goods and its third largest export destination after the US and the EU.
But Pakistan’s customs authorities estimate that imports from China are undervalued by at least US$4 billion annually.
As well as detecting illicit activity, the integration of the two countries’ single windows aims to expand the scope of bilateral economic activity and facilitate clearance of goods across the 370-mile border shared by the two countries.
China is a major investor in Pakistan, especially in infrastructure and the energy sector, and the formation of the integrated system is expected to boost confidence in the business communities in both countries.
Categories: Trade Based Financial crimes News