PSWC and TradeLens team up to digitize foreign trade – Journal
ISLAMABAD: The Pakistan Single Window Company (PSWC) on Tuesday signed an agreement with TradeLens, a blockchain-based logistics platform supported by five of the sixth largest shipping carriers in the world, to digitize the import-export documents of containerized goods entering and leaving the country.
By joining the platform, PSWC is helping Pakistan Customs to modernize their import-export documents with a safe and secure paperless digital solution to strengthen their controls against trade-based money laundering.
A company announcement said Pakistan’s international trade ecosystem is rapidly transforming with the introduction of technology-driven initiatives and the country’s authorities are recognizing the potential benefits of digitizing supply chains for efficiency, increased transparency and data-driven decision making.
“Our government is committed to making doing business easier for importers and exporters. We are making determined efforts to move from complex, manual, paper-based documentation to digital solutions that generate value for commerce, ”said Finance Minister Shaukat Tarin.
“Joining the TradeLens platform allows us to improve our ecosystem so that all stakeholders involved have access to a transparent and secure platform that makes processes more efficient,” added Tarin.
PSWC’s integration with TradeLens will help Pakistan Customs and other trade regulators improve operational efficiency and create value through the blockchain platform.
The immutability of blockchain-based documentary information is important for identifying illegal activity as well as for improving the smooth functioning of legal commerce.
PSWC is a government initiative that focuses on transforming the ecosystem of commerce and industry. It encompasses several smaller initiatives aligned to support the cause of PSWC’s trade transformation, such as business process reengineering, integrated risk management, port community systems, introduction of new technologies for trade management , standardization and harmonization of data and the integrated tariff management system.
Posted in Dawn, December 29, 2021