PESHAWAR: Traders and business community members have urged the State Bank of Pakistan and Federal Board of Revenue to simplify complicated rules and regulations to boost country’s exports. They said that commercial banks should facilitate the business community regarding export form (E-form) to help improve trade with Afghanistan and other regional countries.

The demand was made during an awareness seminar titled: ‘Foreign Exchange’, which was jointly organised by Sarhad Chamber of Commerce and Industry and SBP at the chamber’s house here on Friday. The event was chaired by SCCI president Sherbaz Bilour.

A number of businessmen, including SCCI senior vice-president Manzoor Elahi, former vice-president Abdul Jalil Jan, executive body members Zahoor Khan, Mohamamd Auranzeb, Khalid Shahzad and others, senior officials from SBP Faizan Umar and Amir Mumtaz, additional collector customs Zakir Khan, an official of Soneri Bank Sherhyar Amjad and Smeda provincial chief Rashid Aman, also shared their views.

A large number of traders, exporters and importers were present on the occasion.

The speakers pointed out the problems being faced by the exporters and importers regarding export form (E-form), export development surcharge, exports in US dollar terms against Pakistan rupees and other issues. The participants discussed these issues and gave proposals for their resolution.

Sherbaz Bilour urged the government, the central bank, customs department and other relevant authorities to initiate measures to simplify the complicated laws and regulations to boost regional trade.

The SCCI chief asked the SBP to issue directives to commercial banks in Khyber Pakhtunkhwa to allow exports in US dollar terms against the Pakistani rupee, which could promote bilateral trade through using legal means and banking channels. He said this would boost the country’s exports and stabilise the local economy.

Earlier, the SBP officials briefed the participants about the foreign exchange and various rules and regulations related to exports.

Published in Dawn, January 23rd, 2021