Exporters urged to utilize banking channels for transactions
between Pakistan, Eurasia, and Central Asia
The Trade Development Authority of Pakistan (TDAP)
successfully organized an informative awareness session for exporters, shedding
light on available banking channels for financial transactions between
Pakistan, Eurasia, and Central Asia. The event, held at TDAP headquarters in
Karachi, drew the participation of over 30 attendees in person and more than 50
online participants, highlighting the growing interest in cross-border trade in
the region.
Shamwail Sohail, Chief Compliance Officer from the
Industrial and Commercial Bank of China (ICBC), served as the key speaker,
providing valuable insights into the workings of ICBC Pakistan. Sohail
discussed how ICBC facilitates financial transactions between Pakistani and
Chinese businesses and banks for cross-border transactions, as well as meeting
the financing needs of both countries.
Export-Import
Bank of Pakistan officially launched
The session, inaugurated by the Director General of Media,
Research, and Publications Division (MRPD), welcomed participants both
physically and online. The director general expressed gratitude for the
significant turnout, emphasizing the importance of such sessions in
strengthening economic ties between Pakistan, Eurasia, and Central Asia.
During the presentation, Shamwail Sohail elaborated on
ICBC's role in arranging Renminbi (RMB) transactions, covering buying, selling,
borrowing, or lending for participating banks in Pakistan. He underscored the
bank's commitment to facilitating seamless financial transactions in the region.
SBP
unveils Export Facilitation Scheme (EFS) for exporters
Addressing the sensitive nature of transactions, Sohail
emphasized strict compliance with international regulations, prohibiting all
types of transactions with sanctioned countries, customers, entities, and
products (sanctioned targets). The session concluded with an engaging
question-and-answer session, allowing participants to seek clarification on
various aspects of cross-border transactions. Sohail addressed queries,
providing valuable insights and guidance to the exporters present.
The TDAP awareness session not only provided a platform for
networking and knowledge-sharing but also demonstrated the Trade Development
Authority of Pakistan's commitment to empowering exporters with necessary
information for navigating the complex landscape of international transactions.
Source: The Nation