PM Shehbaz constitutes committee for implementation of National Tariff Policy

ISLAMABAD: The Prime Minister Shehbaz Sharif announce a steering committee to look after the implementation of the National Tariff Policy, according to media reorts.

A notification has been issued by the Ministry of Commerce in this regard. Federal Minister Muhammad Auranzaib has been appointed the chairman of the committee.

The Committee includes the Ministers for Commerce, Petroleum, and Food Security, alongside the Minister of State for Railways, the Special Secretary of the Prime Minister’s Office, and the Secretary for Industries and Production. Dr. Manzoor Ahmad, Rubina Athar, and Aijaz Nabi are also named members, with the Secretary of Commerce designated as the committee’s secretary.

The committee is entrusted with suggesting steps to increase exports through tariff policy, analyzing its impacts on various industries, and offering strategies to rehabilitate sectors that are struggling owing to tariff structures.

Earlier, Prime Minister Shehbaz Sharif on Friday unveiled major tariff reforms, announcing that customs duty would be capped at a maximum of 15% and that additional customs and regulatory duties would be phased out in the next four to five years.

The prime minister, who chaired a meeting on National Tariff Policy, took this historic step by approving a gradual but significant reduction in import tariffs.

“This move is being considered a major milestone toward economic improvement that will enable export-led growth. This decision is expected not only to help control unemployment but also to keep inflation in check. Besides, it will also encourage international investment, help create new job opportunities,” according to a PM Office press release.

The prime minister directed that Additional Customs Duty (currently ranging from 2% to 7%) and Regulatory Duty (currently varying from 5% to 90%) be eliminated over the next four to five years.