Govt Working on Tariff Rationalization to Enhance Trade Competitiveness: Commerce Minister

The Ministry of Commerce arranged a pre-budget seminar in Islamabad on Thursday aimed at creating awareness on tariff rationalization for Trade bodies and associations, exporters, and public sector stakeholders from Ministry of Industries and Production, Federal Board of Revenue, National Tariff Commission, Ministry of Finance, and Board of Investment among others. The seminar was also attended by representatives by the key chambers of commerce and industry, product associations and sector specialists from all over Pakistan. In his keynote address, Commerce Minister Jam Kamal termed the tariff rationalization process as a critical function of the government to enhance trade competitiveness and foster economic growth. He stated that by simplifying and streamlining tariff structure, the Ministry of Commerce aims to reduce costs for domestic industries, boost exports and attract foreign investment. Secretary Commerce highlighted that the pre-budget seminar was organized to provide a platform for stakeholders for engaging in a meaningful discourse on the benefits and implications of tariff rationalization. He informed the participants that the pre-budget exercise was an opportunity for stakeholders to gain insights into the tariff rationalization initiatives, learn their impact on various sectors and provide inputs to aid the process of making strategic changes to the existing tariff structure. Every year around February, a comprehensive drive is run by the Tariff Wing at the Ministry of Commerce to invite budget proposals on a specific format from stakeholders across the country. The call for proposals along with the prescribed format is available at the website of Ministry of Commerce. Through the seminar, participants learned how they can provide feedback and recommendations to policymakers on tariff structure and rationalization measures. The event featured distinguished speakers from the Ministry of Commerce, industry experts, and representatives from the key Trade Associations and Chambers of Commerce. Sessions included presentations of various budget proposals by the Federation of Chambers of Commerce & Industry (FPCCI), Islamabad Chamber of Commerce & Industry (ICCI) and the Provincial Chambers from Lahore, Karachi, Peshawar, and Quetta.