Meeting of Advisor to Prime Minister on Commerce and Investment with plastic sector on tariff rationalization - AsiaNet-Pakistan

Meeting of Advisor to Prime Minister on Commerce and Investment with plastic sector on tariff rationalization

November 12, 2020 | | Share:

Islamabad, November 12, 2020 (PPI-OT): An online meeting of Plastic Sector was held on 12th November, 2020 regarding tariff rationalization under the chair of Advisor to Prime Minister on Commerce and Investment. The meeting was also attended by Chairperson National Tariff Commission, Special Secretary Commerce and other officers of the ministry along with leading manufacturers of plastic sectors and representatives of SMEs. The Advisor told the participants that Plastic sector is one of the most important sectors of the economy. The advisor said that MOC has started the process of consultation with stake holders for tariff rationalization of plastic sector.

He stated that Ministry is in the process of preparing three years tariff rationalization plans for different sectors with aim to reduce the cost of production through reduction of duties. He further stated that necessary tariff protection to the local industry is vital for investment in the country, however, it is also imperative to protect down stream industry .To achieve this myriad target broad based consultation has been initiated. He informed the participants that National Tariff Commission (NTC) has already begun working on tariff rationalization of Plastic and other Sectors keeping in view the long term industrial development and import substitutions goal in mind.

The Chairperson NTC highlighted the importance of deeper understanding of the different chains of the Plastic Sector for tariff rationalization exercise. The representatives of Plastic Sector expressed their views on challenges faced by the Sector and also identified the opportunities available for growth and investment in this Sector.

They stated that they are working on low margins and instead of looking at the percentages, the amount of foreign exchange earned through exports and saved through import substitution should be kept in mind while taking decisions about tariff rationalization The Advisor to Prime Minister on Commerce Investment assured the participants of the meeting that their input on various issues especially about the duties structure will be considered and more meetings will be held with them before taking any final decision. He asked the representatives of industry to send their views to the Ministry of Commerce and NTC for further consultation before starting of the budget exercise so that each and every aspect of their proposals could timely be examined.

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Category: English, Official News