The government reduced tariffs by Rs. 160 billion during the last fiscal year under the National Tariff Policy, with the measures contributing to $1.27 billion in exports, the National Assembly Standing Committee on Commerce was told.
Commerce Secretary said the government has provided another Rs. 120 billion in tariff relief during the current fiscal year as part of its efforts to support exports and reduce costs for businesses.
The committee questioned whether the latest tariff cuts would result in higher exports. The commerce secretary said the impact of the measures would be assessed at the end of the financial year.
The secretary also told the committee that the government had established the EXIM Bank to support exporters and abolished taxes on exports. Private sector representation on the Export Development Fund Board has also been increased, with government representatives now accounting for six of its 23 members.
The committee also reviewed a proposal to establish new chambers of commerce in Karachi. Farooq Sattar said the proposed chambers could be established on a district basis, potentially resulting in several new chambers across the city.
Committee Chairman Javed Hanif said the proposal was new, while a Law Ministry representative said a new private member’s bill could not be considered until an earlier draft had been either approved or rejected. The committee decided to seek legal opinions from the Commerce and Law ministries before considering the new proposal further
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