ISLAMABAD: The Tariff Policy Board (TPB) on Thursday decided to rationalise tariff structure for the textile sector.
According to reports the rationalisation of tariffs will have a special focus on raw materials.
On Thursday a meeting of the TPB chaired by Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood was held which issued an official statement that the Tariff Policy Centre (TPC) would conduct a detailed study on the tariff structure of the textile sector and would give recommendations to the board for its decision.
The Ministry of Commerce (MoC), in consultation with the TPC, presented a future roadmap of tariff rationalisation before the TPB for consideration and feedback. The board also discussed different proposals, received from different sectors, regarding tariff rationalisation.
Razak Dawood stated that tariff rationalisation is a complicated exercise and that it would take time to implement the National Tariff Policy 2019-24. He added that a three years plan for tariff rationalisation, after analysing the value chain of the priority sectors, should be finalised as early as possible.
He underscored that tariff related measures should promote equitable development and competitiveness of the local industry, resulting in an export-led growth for Pakistan.