From 34% to 79% – Pakistan has remarkably improved its position in implementing the Trade Facilitation Agreement (TFA) from the World Trade Organization (WTO). This whole process is a journey from June 2018 till November 2020.
According to this improvement, Pakistan managed to improve its position in the Trading Across Border Index and has secured 108th position this year. Earlier, the country stood at 136th position.
On the contrary, India and Bangladesh are moving at a pace of 78.2% and 36.1 respectively i.e. lower than the pace of Pakistan. Not only this, but the country is moving at a much higher pace than any of the list members of WTO.
This facilitation is adding value to Pakistan’s economy and also creating new job opportunities.
To maintain this pace and create an efficient strategy, FBR is already following an integrated plan. Under this plan, a project-specific team was created to follow the TFA by WTO.
Some key features of TFA include; Authorized Economic Operators (AEO) Program, Advance Ruling, Electronic payments, Pre-Arrival Processing, Freedom of Transit, Opportunity to Comment and Information before Entry into Force, Temporary Admission of Goods and Inward and Outward Processing, Risk Management and Post Clearance Audit.
According to the World Bank (WB), Pakistan is one of the top 10 countries that have done very well during the past year. OECD Trade Facilitation Indicators DataBase (2019) has highlighted Pakistan as the best-performing government under the Trade Facilitation Agreement (TFA).
In addition to this, the World Customs Organization (WCO) has also appreciated Pakistan’s performance and quoted:
considering the recent advancement of Pakistan Customs administration for proceeding TFA, Pakistan Customs administration is very suitable to be listed in the successful countries.World Customs Organization (WCO)