By joining the blockchain-reinforced platform TradeLens, Pakistan Single Window is supporting Customs in modernising its import-export documentation through a safe and secure digital solution to strengthen its controls against trade-based money laundering.
On behalf of Pakistan Customs, the Pakistan Single Window Company today signed an agreement with TradeLens, a blockchain-underpinned logistics platform, to digitize import-export documentation of the containerized cargo moving in and out of the country. Pakistan’s international trade ecosystem is being rapidly transformed through the introduction of technology initiatives led by the Pakistan Single Window. The country’s authorities are aware of the benefits of digitizing supply chains for efficiencies and enhanced transparency.
Federal Finance and Revenue Minister Shaukat Tarin said the government was committed to bringing ease of doing business for the importers and exporters of Pakistan. He added that joining the TradeLens platform is allowing all involved stakeholders to access a transparent and secure platform making processes efficient.
The authorization to sign the collaboration came from the PSW Governing Council chaired by the federal minister. The chief executive officer of PSW, Aftab Haider, formally signed the agreement with regional network head for Tradelens at IBM, Irtaza Hussain.
Cross-border containerized supply chains are some of the largest and most complex business ecosystems in the world. Up to 30 independent parties, 100 people and 200 exchanges of information can be connected to a single shipment. Increased complexity increases costs, and shippers need consistent and auditable data from multiple sources to effectively manage their supply chains.
PSW integration with TradeLens will help Pakistan Customs to improve their operational efficiency and create value through the blockchain platform. The unchanging Blockchain-underpinned document information is important in the identification of illegal activities, as well as, improving the smooth operation of legal trade.
Head of TradeLens at IBM, Marvin Erdly said that Pakistan now joins an increasing number of connected Customs Authorities on the TradeLens platform. These authorities are exploring innovative solutions to enhance global trade access and enhance process efficiencies for all involved, he added.
TradeLens is a neutral platform that brings together data from the entire global supply chain ecosystem including shippers and cargo owners, intermodal operators, customs and government authorities, ports and terminals. This data allows TradeLens to modernize manual and paper-based documents by replacing them with blockchain-enabled digital solutions. It also allows the network partners to provide their customers with deeper visibility into the entire journey for their cargo from origin to destination.
Pakistan Single Window (PSW) is an initiative of Pakistan’s federal government with a focus of transforming the trade and industry ecosystem. The program encompasses several aligned smaller initiatives to support PSW’s cause of transforming trade such as business processes re-engineering, integrated risk management, data standardization and harmonization and integrated tariff management system.
