November 28, 2001	Wednesday	Ramazan 12, 1422

ISLAMABAD, Nov 27: The federal government on Tuesday directed the tariff sub-committees to submit their final recommendations on tariff rationalization latest by January 31 so that a comprehensive trade policy could be formulated.

This was the outcome of the meeting of industrial sector stakeholders on tariff restructuring, presided over by Commerce Minister Abdul Razak Dawood.

The meeting agreed that first set of recommendations of sub-groups be finalized by January 31 this year which would be thoroughly discussed with ministries concerned in February, and final recommendations would be submitted by May 2002.

The tariff rationalization, said the minister, would make the indigenous manufacturing industry competitive both in the local and international markets.

The minister was of the view that Pakistan will have to transform its industry towards the direction of export mode by making it competitive and realistic in approach without outside pressures.

The minister said that past duty structures were either changed under the pressure of associations or on the desire of individuals due to which a rational tariff structure could not be evolved. “It was only last year that a concerted effort was made in this direction and tariffs were brought down from 35 per cent to 30 per cent and this year they will be further slashed to 25 per cent,” said the minister.

Secretary industries and production Dr Akram Shaikh told the meeting that tariff structure would be rationalized for next five years through a consultative process that has just started so that the local industry could be made more productive and channelised.

The government, he said, has already decided to minimise SRO (Statutory Regulatory Order) culture by curtailing their number from existing 58 to 28 by next year and bringing them to a minimum level to facilitate the business community.