By Our Web Desk
Th State Bank of Pakistan (SBP) Wednesday issued a new regulatory framework to facilitate business-to-consumer (B2C) e-commerce exports from Pakistan.
Under the new regulatory framework, the mandatory requirement of ‘Export’ (E) Form has been done away with. Now an exporter can export goods up to $5,000 per consignment without the requirement of E-Form.
This step will facilitate exports in small quantities directly to consumers, the State Bank of Pakistan said.
In line with global trends due to the Covid-19 pandemic, the SBP said it focused on facilitating cross-border trade by small entrepreneurs and exporters. It aims to improve competitiveness and digital connectivity of Pakistani businesses with the global market during the development phase of e-Commerce Policy.
Lately, the global emerging trends especially in the consumer market place have seen a major shift from traditional market place to e-commerce with the advent of new technologies. A surge in this trend was particularly witnessed during the global lockdown owing to COVID-19 pandemic.
Until now, goods from Pakistan could only be exported after certification of electronic or manual E-Form and subsequent filing of Goods Declaration by the customers with Pakistan Customs. The form was required for each shipment with complete description of the goods being exported and used to be designed keeping in view the export of large quantities of homogenous goods.
However, for exports of small value different items to individuals destined for different jurisdiction (as is the case in B2C e-commerce exports), the existing process was not conducive.
The SBP said the new regulatory framework would address the pressing demand of e-commerce exporters, including small entrepreneurs, and provide much-needed impetus for the recognition and growth of e-commerce exports from Pakistan.