Latest news with #RegulatoryReformsConference
Business Recorder
16 hours ago
- Business
- Business Recorder
PM Shehbaz directs for early finalization of national industrial policy
Prime Minister Muhammad Shehbaz Sharif on Thursday directed for early finalization of national industrial policy in consultation with all stakeholders for lasting solution of problems faced by industries and accelerating industrial growth, according to Radio Pakistan. Chairing a high level meeting in Islamabad, he said development of domestic industries is inevitable for export-led economic growth. Pakistan reveals National Tariff Policy draft, aims to eliminate RDs, ACDs in 5 years The Prime Minister said equipping the industries with international standard manpower and technology is the government's top priority. He said recent economic policies have been devised with the aim to give a boost to domestic industries. He mentioned the tariff rationalization policy, and said it will promote investment in the country. During the meeting, recommendations were presented for development of domestic industries. It was informed that the country's manufacturing sector will be revived through an effective industrial policy. In a related development earlier, the federal government unveiled the draft for the National Tariff Policy (NTP) 2025–30 at the Regulatory Reforms Conference on Wednesday. The conference, organised by the Board of Investment (BoI), aimed at advancing regulatory simplification and industrial competitiveness, bringing together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. 'The National Tariff Policy 2025–30 is designed to create a predictable, transparent, and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, read a statement released by the Ministry of Commerce. The NTP 2025–30 outlines ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%).
Business Recorder
2 days ago
- Business
- Business Recorder
Pakistan reveals National Tariff Policy draft, aims to eliminate RDs, ACDs in 5 years
The federal government has unveiled the draft for the National Tariff Policy (NTP) 2025–30 at the Regulatory Reforms Conference on Wednesday. The conference, organised by the Board of Investment (BoI), aimed at advancing regulatory simplification and industrial competitiveness, bringing together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. 'The National Tariff Policy 2025–30 is designed to create a predictable, transparent, and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, read a statement released by the Ministry of Commerce. Afzal underscored the government's strong commitment to rationalising Pakistan's tariff regime, simplifying business processes, and fostering export-led growth. National Tariff Policy: govt approves phased elimination of import duties 'By facilitating duty-free access to raw materials, phasing out Additional Customs Duties (ACDs) and Regulatory Duties (RDs), and supporting nascent and green industries, this policy paves the way for innovation, employment generation, and sustained economic growth,' he added. The NTP 2025–30 outlines ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%). The ministry says that the policy aims to benefit key sectors, including textiles, engineering, pharmaceuticals, and IT, while encouraging investment and reducing production costs across the board. Afzal highlighted that the implementation will begin with the reduction of tariffs on approximately 7,000 tariff lines, largely focused on raw materials and intermediate goods, yielding an estimated Rs200 billion in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally, and shift towards higher value-added exports,' he said. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity, and enhanced investor confidence.' The conference was also attended by Federal Minister for Industries and Production Haroon Akhtar, Federal Minister for the Board of Investment Qaiser Ahmed Sheikh, senior officials, diplomats, and leading figures from the private sector.
