ISLAMABAD, Mar 19 (APP):Federal Minister for Commerce, Jam Kamal Khan chaired a meeting on Tuesday at the Ministry of Commerce during which he was briefed on tarrif reforms and rationalization.
The meeting was also attended by the Secretary, Mr. Khurram Agha and key officials from the Ministry. The Minister was briefed on the tariff reforms and tariff rationalisation undertaken by the Ministry since the formation of the Tariff Policy Board (TPB) and explored the role of tariffs in boosting exports by ensuring the availability of raw material at competitive prices.
He was also briefed on working of the TPB. The meeting highlighted the strategic importance of the TPB in shaping Pakistan’s tariff policy. Discussions centered on the role of Tariffs in Industrial, especially export growth. He was informed that there was no Customs duty on about one third of the raw materials required by the industry.
He was also informed import of the machinery and capital goods was also facilitated via the Tariff Policy. He was also briefed on the progress on various tariff rationalisation measures which were in pipeline.
The Minister stressed on strategic use of tariffs to promote industrialization in conjunction with other policies, like targeting tariffs towards protecting export oriented industries for a limited period, allowing them to gain a foothold without permanent dependence on protection. He directed the Ministry to work on a plan for tariff rationalisation along these lines.
