Prime Minister Imran Khan Wednesday, in principle, approved the first-ever ‘National Tariff Policy’ (NTP) of the country to ensure transparency, predictability and institutionalizing the entire structure of the tariff regime.
The draft policy, approved by the prime minister, would be presented before the federal cabinet for consideration, Prime Minister Office said in a statement.
Highlighting the salient features of the policy, Commerce Secretary Younus Dagha said the policy has been drafted after detailed and comprehensive discussions with all the stakeholders. He said the major objectives of the policy are to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime and remove anomalies in tariff structure, causing distortions.
The principles of the policy include tariff as a trade policy instrument, reducing exemptions and concessions, cascading tariff structures with stage of processing of a product, strategic protection to domestic industry and competitive import substitution. The new policy also envisages the establishment of a broad-based Tariff Policy Centre at the Ministry of Commerce to formulate proposals for improving tariff structure in pursuance of the objectives of the NTP.
The prime minister appreciated the efforts of the commerce ministry for formulating a comprehensive tariff policy for the first time in the history of the country. He said the policy would greatly restore confidence of the business community by providing for a transparent, predictable and institutionalized structure for tariff setting. The prime minister observed that the economy, especially the trade and industrial development suffered in the past due to ad-hocism and unpredictability of tariff structure resulting in capture of the economy by vested interests and rampant corruption.
Meanwhile, HSS Group Wednesday expressed its commitment to allocate $2 billion in partnership with Xuzhou Construction Machinery Group Co Ltd (XCMG) of China for the five million homes project of the prime minister.
The commitment was expressed by a delegation headed by XCMG General Manager Dr Hanson Liu and HSS Facility Management Chairman Syed Saman Hashemi, which called on Prime Minister Imran Khan here.
Advisor to Prime Minister on Commerce Abdul Razak Dawood and Special Assistant to PM Syed Zulfiqar Abbas Bukhari were also present during the meeting.
HSS Group is a global partner of XCMG and other major Chinese companies. XCMG is China’s number one leading total solution provider for global construction industry equipment and machinery. XCMG also expressed its willingness to set up a heavy equipment manufacturing plant/assembly-line in Pakistan.
The prime minister was apprised that XCMG with its expertise of constructing high-rise buildings and housing units wanted to partner in prime minister’s five million housing program. The prime minister welcomed HSS and XCMG’s commitment and interest in housing and manufacturing sectors. He highlighted the steps taken by the government to provide maximum facilitation to investors, reduction in cost of doing business and improving ease of doing business.
The prime minister said providing conducive and business-friendly environment to investors was top priority of the government. He emphasized that the construction of five million housing units was a flagship program of the government which would open up new opportunities for the allied industries and provide employment to the youth of country.
Published in Daily Times, March 7th 2019.
