ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the federal government’s newly approved five-year tariff reform plan, calling it a crucial step toward enhancing Pakistan’s export competitiveness and economic resilience.
Prime Minister Shehbaz Sharif recently signed off on the wide-ranging strategy, which seeks to reduce customs duties, additional customs duties, and regulatory duties on raw materials and semi-finished goods. The plan aims to support export-led growth, attract foreign investment, boost employment, and help ease inflation.
ICCI President Nasir Mansoor Qureshi described the approval as a “transformative milestone,” noting that the reforms reflect long-standing demands from the business community for a more competitive trade regime. “By enabling affordable access to raw materials and capital goods, these measures will help strengthen domestic industries and promote sustainable economic growth,” he said.
According to Qureshi, the rationalization of tariffs could potentially increase exports by up to $5 billion by the end of the plan’s tenure. He also expressed confidence that the policy shift would attract international investment and reduce the current account deficit by formalizing import channels.
The ICCI president added that the reforms would improve industrial efficiency, enhance global competitiveness, stabilize the rupee, and ease inflationary pressures. He emphasized the need for continued collaboration between the government and private sector to ensure effective implementation and maximize the economic benefits of the tariff overhaul.
