ISLAMABAD: Federal Parliamentary Secretary for Commerce Dr Zulfiqar Bhatti has said that the comprehensive ‘National Tariff Policy 2025: Consultative Process’ would boost country exports and promote the local industrial sector.
The initial draft of the ‘National Tariff Policy 2025’ be expected by December 31, 2024, Federal Parliamentary Secretary for Commerce shared these insights while addressing a stakeholder consultation meeting, said a press release issued here.
Dr Zulfiqar Bhatti announced that, under Prime Minister, Muhammad Shehbaz Sharif’s vision and through the efforts of Federal Minister for Commerce Jam Kamal, swift measures are being taken to boost exports and business activities.
In this regard, the government has initiated a consultative process to develop a comprehensive National Tariff Policy 2025 aimed at promoting business activity, safeguarding local production, and increasing exports, he said.
He said this new policy is expected to strengthen national exports and stimulate economic growth, benefiting the business community and local industries.
Following consultations, an initial draft of the policy will be ready by December 31 to ensure timely implementation.
He explained that the policy’s objective is to achieve export-led growth, with a focus on reducing tariffs on various products.
Dr Bhatti further highlighted the Ministry of Commerce’s commitment to overcoming economic challenges and aligning industries with advanced technology.
The policy includes green initiatives and special measures to address climate change, with emphasis on using artificial intelligence and cutting-edge technology, he said.
He mentioned that the policy aims to support the growth and sustainability of local industries through a detailed review of tariffs on an item-by-item basis, enabling local production to compete effectively in global markets.
Dr Bhatti noted that Rs82 billion in relief was provided to export-oriented businesses in the previous fiscal year, and further relief measures are currently under consideration to address industry challenges.
He stressed that the government is taking all stakeholder recommendations seriously and will enhance the policy based on their input. Significant changes are anticipated following its implementation, marking a step toward economic stability.
Dr Bhatti concluded by stating that the Ministry of Commerce is prioritizing raising local industries to international standards and is utilizing all available resources to achieve this goal.
