The government has approved cuts on import tariffs for about 300 products. Federal Commerce Minister Jam Kamal told the Senate these changes aim to boost industry and exports. The tariff cuts will lower costs for consumers and improve access to raw materials for local producers.
Kamal explained that the tariff reductions mainly target products not made in Pakistan. Duties on 900 other goods will remain unchanged under the National Tariff Policy. Previously, some tariffs were as high as 40 percent. The new structure will ease trade and reduce costs gradually.
The reductions will be phased in over the next five years. Some cuts will begin within a year, while others will take longer. This is the first time Pakistan has rationalized tariffs in this way. The plan has full support from Prime Minister Shehbaz Sharif and the federal cabinet.
Alongside tariff cuts, reforms are underway at the Trade Development Authority of Pakistan and Export Development Fund. These include technical reviews of funding requests to improve transparency and governance. The government hopes these steps will strengthen Pakistan’s trade environment.
Moreover, Pakistan is negotiating trade deals with countries like the UK, Vietnam, Cambodia, and South Korea. Officials plan further talks in the European Union, Geneva, and Brussels. These moves aim to enhance export opportunities and global partnerships.