ISLAMABAD :Prime Minister Mohammad Shehbaz Sharif has asserted that achieving export-oriented economic growth is the government's top priority. Chairing a high-level review meeting on Pakistan's overall economic trajectory and the implementation of the National Tariff Policy 2025-30, the Prime Minister stated that an active and transparent National Tariff Commission (NTC) is indispensable for the promotion of domestic industry, trade, and foreign investment.
Modernization via Artificial Intelligence and IT Infrastructure
The Prime Minister instructed the National Tariff Commission to adopt a pro-business approach to facilitate investors and industrialists. He emphasized the integration of modern digital tools to overhaul the country's economic framework:
"The Commission must be modernized by adopting global best practices and cutting-edge technology, including Information Technology and Artificial Intelligence (AI)."
Key Relief Measures: Tariff Cuts and Customs Duty Exemptions
During the session, the Prime Minister was thoroughly briefed on the strategic execution of the National Tariff Policy 2025-30. To minimize the cost of doing business and boost manufacturing, the policy outlines a phased reduction in tariffs across multiple sectors. Major updates include:
Pharmaceutical Sector: Total exemption of customs duties on essential pharmaceutical raw materials, specifically targeting ingredients used in cancer treatment medications.
Logistics & Supply Chain: Abolition of duties on reefer containers and semi-trailers to enhance domestic and international logistics capacity.
Construction Industry: Significant reduction in customs duties on specialized vehicles and heavy machinery to stimulate infrastructure development.
High-Level Representation
The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Finance & Revenue Muhammad Aurangzeb, Federal Minister for Law and Justice Azam Nazeer Tarar, Federal Minister for Climate Change Musadik Malik, and Federal Minister for Economic Affairs Ahad Khan Cheema. Other attendees included Minister for Petroleum Ali Pervaiz Malik, Minister of State for Finance and Railways Bilal Azhar Kiyani, Special Assistant to the PM Haroon Akhtar, and senior bureaucratic officials.