Prime Minister Shehbaz Sharif on Wednesday directed the full implementation of the National Tariff Policy, terming it a “revolutionary step” aimed at boosting domestic industrial production.
Chairing a review meeting held in Islamabad on the recommendations of the Sub-Working Group on reforms in customs, tariff and trade sector, PM Shehbaz said that the National Tariff Policy has been implemented to positively facilitate domestic industrial production, thereby aligning exports and imports with the overall economic growth of the country.
“The National Tariff Policy approved by the government will increase domestic industrial production,” said PM Shehbaz. “It also makes businesses competitive in the global markets,” he added.
During the meeting, prominent industrialist Muhammad Ali Tabba and others, on behalf of the Sub-Working Group, consisting of representative businessmen of the country, briefed the prime minister on issues related to customs and tax collection and presented their recommendations.
PM Shehbaz welcomed the recommendations and instructed the relevant ministries and institutions to increase the country’s industrial production and provide all possible facilities to businessmen and investors.
“Sector-specific suggestions are essential to increase domestic industrial production and trade,” PM Shehbaz was quoted as saying. He said that recommendations and reform proposals by experts should be based on factual data.
He added that the government is taking measures to reduce the production cost. PM instructed relevant authorities to closely monitor the collection of customs duty on bilateral and transit trade products with other countries.
During the briefing, PM Shehbaz noted that for decades, the Export Development Fund (EDF) has not been used for research and training to increase economic and industrial productivity.
He said that sustainable economic growth based on exports is possible with increased investment and productivity in the country.
The meeting was attended by Federal Minister for Finance Muhammad Aurangzeb, Federal Minister for Information and Broadcasting Attaullah Tarar, Federal Minister for Climate Change Dr Mosaddiq Malik, Federal Minister for Power Sardar Owais Ahmed Leghari, Federal Minister for Economic Affairs and Planning Ahad Khan Cheema, Federal Minister for Petroleum Ali Pervez Malik, Minister of State for Finance Azhar Bilal Kayani, Special Assistant to the Prime Minister Haroon Akhtar, Chairman SIFC, representatives of domestic industry and business and other relevant government officials.
American Dollar Exchange Rate