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 San Jose Sun 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 San Jose Sun.
More InformationWashington DC [US], June 30 (ANI): Taylor Swift and Travis Kelce were recently spotted spending quality time together in New York....
Washington [US], June 29 (ANI): Justin Bieber's little bundle of joy, son Jack Blues, who is just 10 months old, seems to be already...
BEIJING, June 28 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. China's Wang Xinyu finishes runner-up...
Washington DC [US], June 27 (ANI): Ahead of his anticipated appearance in 'Happy Gilmore 2', the Kansas City Chiefs star Travis Kelce...
Venice [Italy], June 27 (ANI): All eyes are on Amazon founder Jeff Bezos and former TV journalist Lauren Sanchez as the couple is all...
Venice [Italy], June 27 (ANI): Lauren Sanchez and Jeff Bezos' wedding festivities are in full swing in Venice. Renowned celebrities,...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...