KARACHI:

Pakistan could earn billions of dollars in valuable foreign exchange by taking advantage of the current unstable situation in the Middle East if it immediately amends its transshipment regulations.

This was stated in a letter sent by the Pakistan Ship’s Agents Association to the chairman of the Federal Board of Revenue (FBR).

In the letter, Association Chairman M.A. Rajpar said that, in view of the ongoing situation in the Middle East, Pakistan must urgently position itself as a transshipment hub. Due to disruptions in maritime trade, cargo from several countries could be safely routed and stored at Pakistani ports.

The letter pointed out that, at present, transshipment cargo is not permitted to be stored at off-dock terminals, while port-operated terminals also do not have sufficient capacity to accommodate additional cargo.

Rajpar urged the FBR to allow international cargo to be stored at off-dock terminals through an SRO.

He said that permitting international cargo to be kept at off-dock terminals would enable the country to earn substantial foreign exchange.