Govt forms subcommittees for tariff rationalization

July 18, 2024 (MLN): The government has established three subcommittees to expedite the process of tariff rationalization aimed at achieving an export target of $60 billion by 2027-28, as APP reported.

The Federal Minister for Commerce Jam Kamal Khan on Monday chaired a preliminary meeting on tariff rationalization for export-led growth.

Recognizing the complexity and extensive scope of the task, the minister established three subcommittees to expedite the process.

These subcommittees are tasked with providing detailed recommendations to the main committee, which will then present a finalized report to Prime Minister Shehbaz Sharif.

During the meeting, the Commerce Minister emphasized the technical nature of the subject and the need for comprehensive consultation with experts from both the private and public sectors.

“Given the intricacy of the topic, we require ample time for thorough deliberation, incorporating insights from all stakeholders,” stated the minister.

The session also saw contributions from Rana Tanveer Hussain, Federal Minister for Industry and Production, and Ali Pervaiz Malik, Minister of State for Finance, Revenue, and Power, both of whom concurred with the Commerce Minister’s approach.

They proposed forming working groups of technical experts from various sectors to handle specific Terms of References (TORs).

The meeting was attended by secretaries of relevant ministries, the Chairman of the Federal Board of Revenue (FBR), and other members of the main committee via Zoom link.

The committee’s TORs include reviewing existing proposals, suggesting short to long-term tariff rationalization measures, and devising a comprehensive plan to reach the export target.

The Ministry of Commerce will act as the secretariat for the committee, which is expected to finalize its recommendations within two weeks.

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