ISLAMABAD: The new Tariff Policy 2020-24 will stimulate industrial growth, attract foreign investment and increase employment opportunities in the country.
The National Tariff Commission (NTC), under the new tariff policy, is looking for long term policy goals and gradual improvement in achieving exports target for economic growth.
NTC Chairperson Robina Ather expressed those views while addressing a seminar on ‘National Tariff Policy 2020-24’ organized by the commission on Thursday. Member Research Anjum Asad Amin also addressed the gathering.
Robina Athar said: “We are following the best international practices for analyzing the market pattern before implementing the tariff policy. In this regard, the modern method of Global Trade Analysis Projects (GTAP) will also be used for proper implementation of local tariff policy.”
She told the audience that the commission was in consultation with all stakeholders including the Federal Board of Revenue (FBR) to observe the market competitive tariff strategy with the reduction in production cost for promoting the manufacturing sector.
Rubina said NTC wanted to improve comparativeness by accessing raw material, lessening distortion in price structure and improving consumer welfare.
Increasing employment opportunities by attracting investments through a transparent and prediction regime was also major objective of the country’s foreign policy, she maintained.
The commission’s chairperson said tariff simplification by reducing exemptions and concessions and tariffs as a trade policy instrument was the major principles of the country’s tariff policy.
She said to provide safeguards to the local industries, the strategic protection to domestic industry during infancy and competitive import substitution were also the part of the new policy.
The Tariff Policy Centre had a major role for implementing the tariff policy and had mandate to carry out the examination of the proposals for levy and amendment to removal of tariffs, Robina added.
“We have identified five major sectors including 20 others for tariff concession and protection including the poultry sector,” she concluded.