World News | Pakistan's Export to Afghanistan Slumps by over 25 Per Cent After Taliban Seized Power in Kabul
Get latest articles and stories on World at LatestLY. 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.
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.
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"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)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)