KARACHI: Pakistan is fortunate to recover from the pandemic, as the business community has said, therefore a golden opportunity presents a post-Covid environment to rationalize tariffs in Pakistan which is an attempt to strengthen its global presence.
In a speech to the Express Tribune, President Shariq Vohra of the Karachi Chamber of Commerce and Industry (KCCI) said that the government’s plan to rationalize tariffs to foster industrial growth has enormous potential to boost economic growth provided leaders act quickly.
The scheme is geared to iron and steel, cars, materials for packaging, agriculture, footwear and plastics,” he said.
“Through the rationalization of tariffs, the country has been struggling to improve Pakistan’s export diversification for a very long time.” “
The business industry is keen to assist the government in rationalizing tariffs,” said Vohra. “The leadership now has a responsibility to ensure that the recommendations are implemented and that business people create a favorable industrial expansion environment.
The Government will abolish additional customs duty and regulatory duties on 30,000 commodities which will be used as raw materials with successful tariff rationalization
Pakistan Association Large Steel Producers (PALSP), Secretary-General Syed Wajid Bukhari pointed out that steel producers have been assured that primary raw material duties and taxes would be drastically abolished or reduced during several government meetings over the past year.