ISLAMABAD: In order to improve transparency, increase competitiveness and eliminate anti-export bias, the Commerce Ministry and Federal Board of Revenue (FBR) have undertaken a tariff rationalisation practice by decreasing number of slabs from 7 to 4 with maximum tariff of 25 percent by 2016-17.
Federal Minister for Commerce Khurram Dastgir said this, while addressing an International Conference on Trade and Competitiveness, organised by Ministry of Commerce in collaboration with World Bank.
Conference was attended Dr Shahid Kardar, former Governor State Bank of Pakistan, Dr Salman Shah, former caretaker Finance Minister and Advisor to the PM, Gohar Ijaz from All Pakistan Textile Mills Association, Dr Faisal Bari, Uri Dadush, eminent scholar on SME management and other distinguished guests.
Speakers at the Conference pointed out major reforms that the government must undertake in order to drastically enhance the competitiveness of Pakistani products, which are facing tough competition in the international markets.
The Minister for Commerce said that the government inherited a fledgling economy but since assuming office it has implemented a forward-looking economic agenda. He said that the government has taken painful yet necessary reforms that have resulted in the stabilisation of the economy. Economy of Pakistan is on the right track today due to the far-reaching structural reforms, stabilisation measures and initiatives of the past 24 months.
He was of the view that export diversification is widely recognised as a positive trade policy objective in sustaining economic growth. The Ministry realises the need to expand export markets and enhance its share in regional trade. Pakistan has signed Free trade Agreements with China, Sri-Lanka and Malaysia. There are also ongoing FTA discussions with Thailand, Turkey and Korea.
