Prime Minister Imran Khan on Monday said that the recently signed Pakistan Single Window Act, 2021 will pave the way for ease in trading activities of the country.

“Another landmark reform by PTI government - the Pakistan Single Window (PSW) Act 2021. It paves the way for ease in imports and exports,” said PM Khan in a tweet post.

The prime minister informed that PSW will bring an annual savings of $500 million and reduce will cargo clearance time from days to hours by integrating 75 regulatory departments including “customs, banks, port authorities, shipping companies, and brokers etc.”

The prime minister informed that an independent authority will manage the PSW which will be pivotal in unlocking Pakistan’s potential to become a hub for international transit and trade.

Just days ago, President Dr Arif Alvi Friday signed into law the Pakistan Single Window Act, 2021. According to "Pakistan Single Window Act," an independent institution having a governing council and secretariat would be established for the facilitation of national and international trade.

This law will provide a coordinated one-window system to facilitate exports, imports, and transit trade, a news release issued by the President’s Media Wing here said. The establishment of an independent institution besides reducing the cost of doing business will also help ease cross-border trade and transportation of goods.

According to the law, the institution will also help in the timely processing of data and bring about improvement in the provision of quality services.