Major trade reform
\nFinMin highlighted that reductions in tariff duties would specifically benefit Pakistan\u2019s industrial, export sectors
\n islamabad
\nFinance Minister Muhammad Aurangzeb confirmed that the federal government had eliminated additional customs duties on 4,000 out of 7,000 tariff lines, while reducing duties on a further 2,700.
\nIn a post-budget press briefing on Wednesday, FinMin Aurangzeb outlined a comprehensive tariff reform plan, aimed at driving industrial growth and boosting exports in a bid to transition the country towards a more globally integrated economy.
\nHe called the tariff rationalisation a \u201cmajor and important step\u201d in aligning Pakistan\u2019s trade and industrial policy with international standards.
\n\u201cThis is a structural reform that hasn\u2019t been undertaken in the past 30 years,\u201d said Aurangzeb. \u201cFrom a reform perspective, this is a huge step, and we\u2019re committed to taking it forward gradually.\u201d
\nThe tariff reform, part of Pakistan\u2019s broader economic restructuring plan, includes significant reductions in duties on raw materials and intermediary goods used by exporters.
\nAurangzeb said that the move was designed to reduce input costs, thereby improving Pakistan\u2019s competitiveness in international markets.
\nFocus on Industrial Growth and Exports
\nPakistan\u2019s trade and industrial sectors have long been weighed down by high tariffs and protectionist policies. The finance minister stated that this shift away from import substitution was essential to address Pakistan\u2019s recurring balance of payments crises and the pressures of dollar liquidity.
\n\u201cIf we want to structurally reposition the country toward export-led growth, we need to change the very DNA of the economy,\u201d Aurangzeb explained. \u201cThat\u2019s how we avoid falling into the same cycle of dollar shortages every time we try to grow.\u201d
\nThe minister also highlighted that the reductions in tariff duties would specifically benefit Pakistan\u2019s industrial and export sectors, noting that approximately 2,000 tariff lines were linked to key raw materials and intermediary goods. The government\u2019s broader goal is to streamline the tariff structure to support industrial growth and integrate the economy more deeply into global supply chains.
\nFiscal Measures and Support for Key Sectors
\nAurangzeb also outlined the government\u2019s fiscal measures designed to balance economic growth with equity, focusing on relief for salaried individuals and mid-sized businesses. He stated that the government had tried to offer as much relief as possible within the constraints of available fiscal space.
\n\u201cThe government has carefully considered different slabs, including at the highest levels, to provide as much relief as fiscal space allows,\u201d he said.
\nIn terms of support for key sectors, Aurangzeb mentioned that the government is prioritising construction and agriculture. Reforms in these sectors are aimed at lowering transaction costs, supporting affordable housing, and ensuring greater access to credit for small farmers.
\nThe finance minister also revealed plans to launch a new housing finance scheme in collaboration with the State Bank of Pakistan, aimed at making mortgage financing more accessible for citizens.<\/p>\n","protected":false},"excerpt":{"rendered":"
Major trade reform FinMin highlighted that reductions in tariff duties would specifically benefit Pakistan\u2019s industrial, export sectors islamabad Finance Minister Muhammad Aurangzeb confirmed that the federal government had eliminated additional customs duties on 4,000 out of 7,000 tariff lines, while reducing duties on a further 2,700. In a post-budget press briefing on Wednesday, FinMin Aurangzeb […]<\/p>\n","protected":false},"author":2,"featured_media":475190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-483590","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n