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PSW and Ministry of Maritime Affairs to Reinforce Trade Via Digital Integration

11:38 AM | 19 Jun, 2023
PSW and Ministry of Maritime Affairs to Reinforce Trade Via Digital Integration

KARACHI - Pakistan Single Window (PSW) in collaboration with the Ministry of Maritime Affairs has successfully integrated the Marine Fisheries Department (MFD) and Mercantile Marine Department (MMD) into its network of digitally connected entities.

MFD regulates the export of fish and fishery products in Pakistan while MMD regulates the export of second-hand/used passenger and cargo ships, oil tankers, liquid cargo carriers, and fishing trawlers.

Further, MMD also ensures stowage standards in the export of Dangerous Goods. The internal working of both the departments was manual and paper-based, which is prone to fraud and forgery besides being time-consuming. 

Supply chain reliability, safety, and efficiency are key to attracting foreign buyers to a country’s products and enhanced exports. Exports of Fish and fishery products play a vital role in the national economy of Pakistan and have the potential to earn millions in foreign exchange. Digitization of cross-border trade-related procedures is one significant step towards improving supply chain efficiency and safety. 

Speaking about the initiative the CEO of PSW said, "Integration of the Marine Fisheries and the Marine Mercantile Department with PSW is in our recognition of the importance of this sector for facilitation and enhancement of Pakistan’s cross-border trade, particularly exports. We hope that the integration will not only reduce the time and cost of doing cross-border trade but will help modernize and reform the two departments in line with the Ministry’s vision. We are grateful for the Ministry’s active participation and interest in integrating with the PSW"

The integration of these two departments under the Ministry of Maritime Affairs will be followed by the phased implementation of the Port Community System which PSW has designed in consultation with all the maritime stakeholders including the Ministry with the help of international experts. 

The integration of MMD and MFD in the Single Window environment contains including fully harmonized and user-friendly interfaces available to importers, exporters and the processing staff of the departments in line with already integrated regulatory departments.

It also contains a standardized data set to be provided by importers/exporters only once for consumption of Customs and all regulatory departments. Any relevant data provided to authorities should be made available and not be required again.

Pakistan Single Window is an initiative of the federal government of Pakistan. It automates and integrates cross-border trade-related procedures of Customs and other government agencies (OGAs) making trade faster, easier, and cheaper. Through the Pakistan Single Window, traders can submit customs declarations, permits, and other information required by several government agencies through a single, digital portal.

In addition to the single window system, PSW launched its Trade Information Portal in March 2022 providing complete guidance on import, export and transit-related procedures and is working to launch the first phase of the Port Community System in June 2023.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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