KARACHI: The State Bank of Pakistan (SBP) has issued a regulatory framework to facilitate Business-to-Consumer (B2C) e-Commerce exports from Pakistan.
The central bank said in order to promote B2C e-commerce exports from Pakistan, it has reviewed some earlier instructions to align these with the changing business dynamics of e-commerce exports.
For this purpose, a separate module to implement e-commerce exports has been developed in WeBOC in collaboration with Pakistan Customs and other relevant stakeholders. Accordingly, a revised regulatory framework has been developed keeping in view the current business needs of e-commerce exports, which would replace the existing Para 39 Chapter 12 of FE Manual.
Under the new regulatory framework, the mandatory requirement of ‘Export’ (E) form has been done away with and an exporter can now export goods up to $5,000 per consignment without the requirement of an ‘E’ Form. This step will facilitate small entrepreneurs and exporters who typically export varied goods in small quantities directly to consumers and find it cumbersome to fulfil the detailed requirements of the E Form which is mainly designed for bulk exports.
It would also pave the way for the big corporate brands, SMEs, and startups, to enter the global consumer markets and contribute to the exports earning of the country.
Further, the new regulatory framework is expected to improve the country’s rating in the ease of doing business (EODB) index.
Moreover, this framework would also help in documenting the exports of small shipments, which could not be included in the formal exports of the country earlier due to the absence of any framework.