Pakistan’s first-ever national tariff policy was approved by Pakistan government. The policy aims to remove irregularities in import duties. Also it will be used as an instrument to catalyze industrial production and give a boost to the export growth.
During a meeting presided by Prime Minister Imran Khan, the national tariff policy (NTP) was approved by the federal cabinet. Khan said that traditionally the import tariffs were used as a tool for revenue generation. This has increased dependence on import tariffs for revenue collection.
An official statement quoting the PM stated, “In accordance with the reform agenda of the government, the economic policy paradigm is now being realigned to leverage tariffs for industrial development.”
After consultations with the stakeholders, this policy was formulated by the commerce division. This policy marks a milestone in the national economic policy paradigm. It recognizes the importance of using for industrial development and export growth.
Commerce Adviser Razak Dawood said the policy “would energize export growth, lead to rapid industrialization, and import substitution through predictability in tariff framework.”
Basically the aim of tariff policy is to remove anomalies in the tariff structure and ensure that it is a reflection of the trade policy priorities.