Highlighting the salient features of the policy, Secretary Commerce Mohammad Younus Dagha said the major objectives of the National Tariff Policy (NTP), which has been drafted after detailed and comprehensive discussions with the stakeholders, is to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime, and remove anomalies in tariff structure causing distortions.
Policy principles include tariff as a trade policy instrument, reducing exemptions and concessions, cascading tariff structures with stage of processing of a product, strategic protection to domestic industry and competitive import substitution.
The new policy also envisages establishment of a broad-based Tariff Policy Centre in the Ministry of Commerce to formulate proposals for improving tariff structure in pursuance of the objectives of the National Tariff Policy.
The Prime Minister appreciated the efforts of Commerce Division in formulating a comprehensive tariff policy for the first time in the history of the country which, he said, will greatly restore confidence of the business community by providing a transparent, predictable and institutionalised structure for tariff setting.
The Prime Minister observed that economy, especially the trade and industrial development, suffered in past due to ad hocism and unpredictability of tariff structure resulting in capture of the economy by vested interests and rampant corruption.
