Tariff Policy 2020-24 To Stir Industrial Growth, Attracting Foreign Investment

The new Tariff Policy 2020-24 will increase the industrial growth and attract foreign investment for increasing employment opportunities in the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd Jan, 2020 ) :The new Tariff Policy 2020-24 will increase the industrial growth and attract foreign investment for increasing employment opportunities in the country.

National tariff commission in Tariff Policy 2020-24 was looking for long term policy goals and gradual improvement to achieving the agenda of increasing exports for economic stability and growth, Chairman National Tariff Commission (NTC) Chairperson, Robina Ather said this while addressing a seminar on "National Tariff Policy 2020-24" organized by National Tariff Commission along with Member Research, Anjum Asad Amin here.

The Chairperson NTC said that "we are following the best international practices for analyzing the market pattern for implementing the tariff policy," adding that in this regard, modern method of Global Trade Analysis Projects (GTAP) would also be used for proper implementation of local tariff policy.

She said that "we are in consultation with all stakeholders including Federal board of Revenue (FBR) for observing the market competitive tariff strategy to reduce the cost of production for promoting manufacturing sector in the country.

Rubina said that NTC wanted to improve comparativeness through access to the raw material and also lessen distortion in price structure and improve consumer welfare.

Increasing employment opportunities by attracting investments through transparent and prediction regime was also major objective of our foreign policy, she added.

She said that tariff simplification by reducing exemptions and concession and tariffs as a trade policy instrument was the major principles of the country's tariff policy.

She said that strategic protection to domestic industry during infancy and competitive import substitution was also in policy to providing safeguards to the local industries.

Tariff Policy Centre had major role for implementing the tariff policy and had mandate to carry out the examination of the proposals for levy, amendment of removal of tariffs, she added.

The Chairperson said that "we identify the 5 major sectors including 20 other sector for tariff concession and protection including the poultry sector.

While addressing to the seminar, Member Research, Anjum Asad Amin said that she also also worked on the China Pakistan Free Trade Agreement (CPFTA) and protecting measure and safe guards provided to local industry in the agreement.