Islamabad, March 19 (INP): The Federal Minister for Commerce, Mr. Jam Kamal Khan chaired a meeting today at the Ministry of Commerce. The meeting was also attended by the Secretary of, the Ministry of Commerce, Mr. Khurram Agha, and key officials from the Ministry. The Minister was briefed on the tariff reforms and tariff rationalization 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 materials at competitive prices. He was also briefed on the workings of the TPB.

The Tariff Policy Board (TPB) was highlighted as a key part of planning these trade policies, especially for boosting industrial and 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 of various tariff rationalization measures that were in the 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 rationalization along these lines.

Credit: Independent News Pakistan (INP)