ANI
15 Jan 2022, 18:33 GMT+10
Khyber [Pakistan], January 15 (ANI): The size of trade between Pakistan and Afghanistan dropped by 25 per cent after the arrival of the Taliban dispensation in Afghanistan in August, last year.
Talking to reporters during a visit to Torkham, Pakhtunkhwa chief collector (customs) Ahmad Raza Khan said Pakistan's exports to Afghanistan had declined by more than 25 per cent during the last six months due to a 'fragile economic situation' in Afghanistan due to the international sanctions imposed after the Taliban's Kabul takeover, according to Dawn.
The official said that the State Bank of Pakistan had introduced a new policy of exports to Afghanistan on December 13 requiring Afghan traders to show US dollars along with their passports at the time of entry to Pakistan to acquire Form-E for buying and importing Pakistani goods to Afghanistan.
"The new SBP trade policy was meant to lure Afghan traders to bring American dollars to Pakistan and thus, increasing Pakistan's foreign exchange reserves to improve its economy," he said.
"That with the Afghan banking system nearly on the verge of collapse and their foreign exchange reserves almost dried up, the new trade policy failed to give the much-needed impetus to the bilateral trade," he added.
Further, Torkham Custom Clearing Agents Association, Khyber Chamber of Commerce, Khyber Pakhtunkhwa Commercial Exporters and Exporters, and Cargo Transport Association boycotted the clearance of commercial goods bound for Afghanistan for the third consecutive day on Friday against the State Bank of Pakistan's new export policy.
Officials at Torkham said that the boycott of goods clearance had cost the country's exchequer millions of rupees in the last three days.
The protesting traders and transporters said that they won't submit to the new policy as no formal banking was operational in Afghanistan after the Taliban came to power in August last year.
They demanded of the federal government to allow them to do business with Afghanistan in Pakistani currency to restore bilateral trade, according to Dawn. (ANI)Get a daily dose of Perth Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
Washington DC [US], July 3 (ANI): American tech giant Microsoft will lay off nearly 9,000 employees, about 4 per cent of its workforce...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
New Delhi [India], July 4 (ANI): In one of the largest crackdowns on the illegal pharmaceutical trade, the Narcotics Control Bureau...
Australia's lung cancer screening program launched on July 1, and marks real progress and opportunity. It aims to reduce the number...
Washington DC [US], July 3 (ANI): External Affairs Minister S Jaishankar said that the South China Sea was discussed during the Quad...