Commerce Ministry hosts pre-budget seminar on tariff rationalization

April 05, 2024 (MLN): The Ministry of Commerce organized a Pre-Budget Seminar in Islamabad, focusing on tariff rationalization and its implications for trade competitiveness and economic growth.

Addressing the audience, the Federal Minister for Commerce, Jam Kamal Khan underscored the significance of tariff rationalization in enhancing trade competitiveness and fostering economic growth.

He emphasized the Ministry of Commerce's commitment to simplifying and streamlining tariff structures to reduce costs for domestic industries, boost exports, and attract foreign investment.

Minister Kamal reiterated the government's dedication to supporting the business community and highlighted key priorities including boosting exports, combating smuggling, and curbing tax evasion.

Minister Kamal also praised the growth of Pakistan's textile industry and recognized opportunities in the evolving global landscape, reaffirming the government's commitment to driving Pakistan towards a more dynamic economic future.

The Secretary Commerce, Saleh Ahmad Farooqui, highlighted that the seminar provided a platform for stakeholders to engage in meaningful discourse on tariff rationalization's benefits and implications.

He emphasized the importance of stakeholders gaining insights into tariff rationalization initiatives and providing inputs to aid strategic changes to the existing tariff structure.

Every year, the Tariff Wing at the Ministry of Commerce invites budget proposals from stakeholders across the country.

Through the Pre-Budget Seminar, participants learned how to provide feedback and recommendations to policymakers on tariff structure and rationalization measures.

The seminar attracted representatives from key chambers of commerce and industry, product associations, and sector specialists from all over Pakistan.

Distinguished speakers from the Ministry of Commerce, industry experts, and representatives from trade associations and chambers of commerce presented various budget proposals during the sessions.

In conclusion, Minister Kamal thanked all participants for their keen participation and expressed hope for continued fruitful engagement in the future.

Overall, the Pre-Budget Seminar served as a platform to create awareness about tariff rationalization among trade bodies, associations, exporters, and public sector stakeholders, facilitating dialogue and collaboration towards promoting trade competitiveness and economic growth in Pakistan.

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