PM Imran approves first-ever ‘National Tariff Policy’

ISLAMABAD: Prime Minister Imran Khan on Wednesday approved, in principle, the first-ever ‘National Tariff Policy’ of the country that aims at ensuring transparency, predictability and institutionalizing the entire structure of tariff regime of the country.

The draft policy, approved by the Prime Minister, would be presented before the Federal Cabinet for its consideration.

Highlighting salient features of the policy, Secretary Commerce Mohammad Younus Dagha said that the major objectives of the National Tariff Policy (NTP), which has been drafted after detailed and comprehensive discussions with the stakeholders, is to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime and remove anomalies in tariff structure, causing distortions.

Policy principles include tariff as a trade policy instrument, reducing exemptions and concessions, cascading tariff structures with stage of processing of a product, strategic protection to domestic industry and competitive import substitution.