islamabad : Nasir Mansoor Qureshi, President of the Islamabad Chamber of Commerce and Industry (ICCI), has welcomed the Government’s newly approved five-year tariff reform plan, describing it as a transformative step toward bolstering Pakistan’s export potential and economic resilience.
In a significant policy shift, Prime Minister Shehbaz Sharif has approved a comprehensive strategy aimed at reducing customs duties, additional customs duties, and regulatory duties on raw materials and semi-finished goods. The initiative is expected to drive export-led growth, attract foreign investment, generate employment, and curb inflation.
The approval of this tariff reform plan marks a major milestone for Pakistan’s economy, said Nasir Mansoor Qureshi. It reflects a forward-looking vision that aligns with our long-standing demand for a more competitive trade environment. By enabling easier and more affordable access to raw materials, intermediate goods, and capital equipment, the reforms will strengthen domestic industries and promote economic growth.
The ICCI President highlighted that the rationalization of tariffs could increase exports by up to $5 billion by the end of the plan, paving the way for a more competitive presence in global markets. He also expressed optimism that the initiative would attract greater international investment and reduce the current account deficit by encouraging legal imports.
These reforms will make our industries more efficient and globally competitive while helping stabilize the national currency and reduce inflationary pressure, Qureshi noted.
Concluding his statement, he emphasized the importance of continued collaboration between the public and private sectors to ensure successful implementation and maximize the benefits of the reform package for Pakistan’s economic future.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
