- The World Bank recommends Pakistan eliminate regulatory duties and additional customs duties to boost exports.
- A new policy document suggests simplifying the tariff structure and implementing broader reforms to enhance competitiveness.
- The World Bank advises reducing customs duty slabs and eliminating outdated customs schedules.
- Current protectionist trade policies have increased costs and discouraged exports.
- Cutting tariffs is expected to boost GDP, employment, investment, and exports.
- Concerns about revenue loss and import surges from lower tariffs are dismissed by the World Bank.
- Pakistan’s export-to-GDP ratio has declined due to high tariffs and protectionist barriers.
- The current tariff structure misallocates resources and hinders growth and innovation.
- Reforms are underway, including changes in tariff policymaking and strategic economic initiatives.
- The World Bank emphasizes the need for a comprehensive policy package beyond tariff reform.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
