ISLAMABAD            -      Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Thursday 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” products. He made these remarks while chairing the 14th meeting of the Tariff Policy Board (TPB).

The meeting was attended by Ministry of Commerce Secretary, National Tariff Commission (NTC) Chairperson, Federal Board of Revenue (FBR) Member Customs Operation, Ministry of Industries and Production Additional Secretary and other senior officials of the concerned ministries.

The Board reviewed the incentives given to the industry in the Finance Act, 2020. The Advisor stated that positive impact of the tariff rationalisation is being reflected in the enhanced industrial activity as well as export performance. He further stated that tariff rationalisation is a complicated exercise and it would take time to implement National Tariff Policy 2019-24. He added that a three years 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 Textile Sector for Pakistan, 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. It was decided by the Board that the Tariff Policy Centre would conduct 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 Board also discussed different proposals, received from different sectors, regarding tariff rationalisation. The Board ensured that all out efforts would be made to provide maximum benefits to the industry so that economy of the country could be revitalized at this difficult juncture.