ISLAMABAD: In a decisive step to boost Pakistan’s faltering economy, Prime Minister Shehbaz Sharif on Friday introduced a comprehensive new tariff policy, capping customs duties at 15% and outlining a gradual elimination of additional and regulatory duties over the next four to five years.

The announcement came during a high-level meeting on the National Tariff Policy, chaired by the Prime Minister, and is expected to significantly transform the country’s trade framework.

According to a statement from the Prime Minister’s Office, some items currently face customs duties exceeding 100%. However, the new policy aims to sharply reduce these rates and simplify the tariff structure by phasing out the additional customs duty (ranging from 2% to 7%) and regulatory duty (ranging from 5% to 90%).

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