The National Assembly’s Standing Committee on Commerce convened a meeting to assess the outcomes of Pakistan’s first National Tariff Policy (2019-2024). Chaired by Javed Hanif Khan, the committee unanimously approved the minutes of the previous meeting before delving into the policy’s impact.
Prior to the implementation of the 2019-2024 policy, Pakistan lacked a formal tariff framework. The policy’s introduction marked a significant departure from previous practices and had a positive influence on the country’s trade landscape. Despite the challenges posed by the COVID-19 pandemic, the policy contributed to a notable increase in Pakistan’s exports, rising from $25 billion to $32 billion.
Committee member Mirza Akhtar Baig raised concerns about the effectiveness of the zero-rated regime for raw materials and the imposition of Additional Customs Duty (ACD) in the current budget. Commerce officials responded that the policy had successfully rationalized over 6,500 tariff lines, leading to a decrease in imports since 2017.
To gain a more comprehensive understanding of the policy’s implementation, the committee has requested a detailed report outlining the aspects that were successfully implemented and the reasons behind any shortcomings. This report will be reviewed at the next meeting.