Pakistan is working to rationalize the tariff structure and customs duties for the next three to four years in the next mini-budget to be presented in January 2019 to facilitate industrialisation and make those industry-friendly, according to Abdul Razak Dawood, advisor to the prime minister on commerce, textile, industry & production and investment.
Addressing the Islamabad Chamber of Commerce & Industry (ICCI) in Islamabad recently, Dawood said the new policy would be driven by industrialisation and not by revenue.Pakistan is working to rationalize the tariff structure and customs duties for the next three to four years in the next mini-budget to be presented in January 2019 to facilitate industrialisation and make those industry-friendly, according to Abdul Razak Dawood, advisor to the prime minister on commerce, textile, industry & production and investment.#
The policy would support strategic industries and strengthen import substitution industries, he said.
The aim is to raise exports up to $50-$150 billion by facilitating export-oriented industries, he said.
Among the free trade agreements (FTAs) and preferential trade agreements (PTAs) signed with five countries, except for the FTA with Sri Lanka, all other agreements were not favourable for Pakistan, he said.
Hence, the government is working to revise those FTAs and the second phase of the FTA with China would be completed by June 2019, he added. (DS)
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