‘Implementation of tariff policy to take time’
PHOTO: RADIO PAKISTAN
The positive impact of tariff rationalisation is being reflected in the enhanced industrial activity as well as export performance, said Adviser to the PM on Commerce Abdul Razak Dawood.
He was addressing the 14th meeting of the Tariff Policy Board (TPB) on Thursday, during which the board also reviewed the incentives given to the industry in the Finance Act, 2020.
Dawood further added that tariff rationalisation is a complicated exercise and it would take time to implement National Tariff Policy 2019-24. He said that a three-year plan for tariff rationalisation, after analysing the value chain of the priority sectors, should be finalised as early as possible.
Keeping in view the importance of Pakistan’s textile sector, the members of the board emphasised that tariff structure of the textile sector should be rationalised and duties on raw material, used by the textile sector, might be reduced.
The board decided that the Tariff Policy Centre would conduct a detailed study on tariff structure of the textile sector and recommendations of the study would be placed before the board for its decision.
The Ministry of Commerce, in consultation with the Tariff Policy Centre, presented a future roadmap of tariff rationalisation before the board for consideration and feedback. The commerce adviser underscored that tariff related measures should promote equitable development and competitiveness of the local industry, resulting in growth of our export-led “Make in Pakistan” growth.
Published in The Express Tribune, August 7th, 2020.
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