Move to achieve $60bn export target: Talks begin on import tariff rationalisation

ISLAMABAD: A high-level committee headed by Minister for Commerce, Jam Kamal has started deliberations on rationalization of import tariffs to achieve the export target of $ 60 billion.

On July 3, 2024, during maiden meeting of Senate Standing Committee, Commerce Ministry showed its wrath against the Finance Ministry and the Federal Board of Revenue (FBR) for not making its export growth-related recommendations part of the federal budget 2024-25, despite the fact that those already sailed through Tariff Policy Board (TPB), an inter-ministerial body which takes decisions on revision of tariffs on goods.

Additional Secretary Incharge, Commerce Ministry, Ahsan Mangi informed the Committee headed by Senator Anusha Rahman Khan that they have raised this issue with the Prime Minister.

The Prime Minister has constituted Committee to discuss all aspects of less growth in exports and place its recommendations before him for an informed decision.

FY24 exports soar 10.54pc to $30.645bn YoY

On Monday, Federal Minister for Commerce Jam Kamal Khan chaired the inaugural meeting of high level committee formed by Prime Minister Shehbaz Sharif to focus on tariff rationalization aimed at achieving an export target of $60 billion by 2027-28.

According to an official statement, recognizing the complexity and extensive scope of the task, the Minister constituted three Sub-Committees to expedite the process. These Sub-Committees are tasked with providing detailed recommendations to the main committee, which will then present a finalized report to Prime Minister Shehbaz Sharif.

During the meeting, the Commerce Minister emphasized the technical nature of the subject and the need for comprehensive consultation with experts from both the private and public sectors.

“Given the intricacy of the topic, we require ample time for thorough deliberation, incorporating insights from all stakeholders,” said the Minister.

The official statement claims that session also saw contributions from Rana Tanveer Hussain, Federal Minister for Industry and Production, and Ali Pervaiz Malik, Minister of State for Finance, Revenue, and Power, both of whom concurred with the Commerce Minister’s approach.

They proposed forming working groups of technical experts from various sectors to handle specific Terms of Reference (ToRs). The meeting was attended by secretaries of relevant ministries, Chairman Federal Board of Revenue (FBR) and other members of the main committee via zoom link.

The committee’s ToRs include reviewing existing proposals, suggesting short to long-term tariff rationalization measures, and devising a comprehensive plan to reach the export target. The Ministry of Commerce will act as the secretariat for the committee, which is expected to finalize its recommendations in two weeks.

Copyright Business Recorder, 2024