Prime Minister Shehbaz Sharif has accorded approval to a gradual but significant reduction in import tariff for the promotion of exports and investment in the country.

He was presiding over a meeting regarding National Tariff Policy in Islamabad on Friday.

The Prime Minister reiterated that no stone will be left unturned for strengthening economy, provision of employment opportunities and complete elimination of inflation.

A comprehensive plan for economic reforms has been formulated after extensive consultations with domestic and foreign economic experts.

Unveiling major tariff reforms, Shehbaz Sharif announced that customs duty will be limited at a maximum of fifteen percent. He directed the complete elimination of Additional Customs Duty currently ranging from two to seven percent and Regulatory Duty from five to ninety percent over the next four to five years.  The number of customs duty slabs has also been reduced to four to ease legal complexities related to imports and provide a level playing field to various industries.

The Prime Minister noted that tariff reduction would help stabilize the current account deficit and contribute to higher revenue collection. He also formed an implementation committee on the matter.