Islamabad: Prime Minister Shehbaz Sharif has given the green light for a phased reduction in import tariff as part of efforts to enhance exports and attract investment in the country.

According to Radio Pakistan, the Prime Minister’s decision came during a meeting focused on the National Tariff Policy held in Islamabad. He emphasized that the government would take all necessary measures to bolster the economy, create employment opportunities, and eradicate inflation. An extensive plan for economic reforms has been developed after thorough consultations with both domestic and international economic experts.

During the meeting, Shehbaz Sharif unveiled significant tariff reforms, including setting a ceiling for customs duty at fifteen percent. He instructed the removal of Additional Customs Duty, which currently ranges between two and seven percent, and Regulatory Duty, which varies from five to ninety percent, over the course of the next four to five years. Additionally, the number of customs duty slabs has been reduced to four, simplifying legal complexities related to imports and offering a level playing field to various industries.

The Prime Minister highlighted that the reduction in tariffs would help stabilize the current account deficit and aid in increasing revenue collection. He also established an implementation committee to oversee the progress of these reforms.