Turkish Ministry of Trade, FBR sign MoU

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STAFF REPORTER ISLAMABAD A Memorandum of Understanding (MoU) has been signed between the Ministry of Trade of the Republic of Turkey and Federal Board of Revenue on trade facilitation and customs cooperation matters in Prime Minister House. The MoU was signed by the Turkish Minister of Trade, Ms Ruhsar Peckan, and the Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh. The areas wherein customs cooperation would be undertaken with Turkish Ministry of Trade and Customs Agency, under this MoU include the cooperation for establishment of Electronic Data Exchange for exchange of information and documents regarding international movements of the goods and vehicles between the parties. It also includes assistance to each other in order to improve customs practices between the two countries. Both countries shall communicate, share and exchange all available information relating to imports, exports, and transit operations. The two countries will cooperate in combating different smuggling methods and customs offences. To ensure the implementation of the provisions of the MoU, a Joint Technical Committee has been constituted. The benefits arising from the signed MoU include an institutionalised information exchange mechanism between Pakistan and Turkey. It is expected to bring reduced risk of evasion of duties and taxes. Further, it is expected to have reduced clearance time for import or export cargo through application of risk-assessment techniques on the basis of available information. The MoU would assure assistance by Turkish Customs Agency and would Promote bilateral trade, including transit trade, in the region. The signing of this Mou would also Increase confidence of Pakistan’s international trading partners. The Chairperson, FBR, Ms. Nausheen Javaid Amjad stated that implementation of this MoU will have a number of benefits for both Turkish Customs Agency and Federal Board of Revenue. According to her, the relevant organizations would be able to exchange vital information seamlessly which would go a long way in facilitating and securing bilateral trade between both countries. She felicitated the officers of Federal Board of Revenue to achieve this milestone in collaboration with the relevant officers of the Ministry of Trade of Turkey