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Commerce Minister: Government Focuses on Tariff Rationalization to Boost Trade Competitiveness

Commerce Minister: Government Focuses on Tariff Rationalization to Boost Trade Competitiveness

The Ministry of Commerce organized a pre-budget seminar in Islamabad on Thursday with the aim of raising awareness about tariff rationalization among trade bodies, exporters, and public sector stakeholders. Attendees included representatives from the Ministry of Industries and Production, Federal Board of Revenue, National Tariff Commission, Ministry of Finance, Board of Investment, as well as key chambers of commerce and industry, product associations, and sector specialists from across Pakistan.

Commerce Minister Jam Kamal emphasized the importance of tariff rationalization in enhancing trade competitiveness and fostering economic growth. He highlighted the government’s goal of simplifying and streamlining the tariff structure to reduce costs for domestic industries, boost exports, and attract foreign investment.

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The seminar provided a platform for stakeholders to engage in meaningful discourse on the benefits and implications of tariff rationalization. Participants gained insights into tariff rationalization initiatives, learned about their impact on various sectors, and provided inputs to aid in making strategic changes to the existing tariff structure.

The Tariff Wing at the Ministry of Commerce runs a comprehensive drive each year around February to invite budget proposals from stakeholders across the country. Stakeholders can provide feedback and recommendations to policymakers on tariff structure and rationalization measures through this process.

The event featured distinguished speakers from the Ministry of Commerce, industry experts, and representatives from key trade associations and chambers of commerce. Sessions included presentations of budget proposals by various organizations such as the Federation of Chambers of Commerce & Industry (FPCCI), Islamabad Chamber of Commerce & Industry (ICCI), and provincial chambers from Lahore, Karachi, Peshawar, and Quetta.