Achi news desk-
Federal Commerce Minister Jam Kamal Khan said on Thursday that the government will provide economic and trade policy support to the business community and their suggestions will be implemented in the upcoming budget.
The government is fully aware of its responsibility for economic and industrial competitiveness and productivity and in this regard full support will be given to industrialists.
The commerce minister said this while referring to the 2024-25 pre-budget seminar organized by the commerce ministry here.
The seminar is designed to create awareness of tariff rationalization for trade bodies and associations, exporters and stakeholders in the public sector from the Ministry of Industry and Production, the Federal Board of Revenue, the National Tariff Commission, the Ministry of Finance and the Board of Investments, among others.
The seminar was also attended by representatives of the Central Chambers of Commerce and Industry, product associations and sector experts from all over Pakistan.
In his keynote address, Federal Commerce Minister Mr. Jam Kamal termed the tariff rationalization process as a critical function of the government to improve trade competitiveness and foster economic growth.
According to him, the government will further improve the economic environment to build the confidence of businessmen and industrialists and priorities and steps have been taken in this regard.
He noted that by simplifying and streamlining the tariff structure, the Ministry of Commerce aims to reduce costs for local industries, increase exports and attract foreign investments.
Commerce Minister, Saleh Ahmed Faruqi emphasized that the pre-budget seminar was organized to provide a platform for stakeholders to engage in meaningful discourse on the benefits and implications of tariff rationalization.
He informed the participants that the pre-budget exercise is an opportunity for stakeholders to gain insights into the tariff rationalization initiatives, study their impact on various sectors and provide inputs to assist in the process of making strategic changes to the existing tariff structure.
Every year around February, a comprehensive operation is conducted by the Tariffs Division of the Ministry of Commerce to invite budget proposals in a specific format from interested parties throughout the country.
The call for proposals along with the prescribed format is available on the website of the Ministry of Commerce.
Through the pre-budget seminar, participants learned how they can provide feedback and recommendations to policy makers regarding the tariff structure and rationalization measures.
Distinguished speakers from the Ministry of Commerce, industry experts and representatives from the central trade unions and chambers of commerce appeared at the event.
The sessions included presentations of various budget proposals by the Federation of Chambers of Commerce and Industry (FPCCI), Islamabad Chamber of Commerce and Industry (ICCI) and the District Chambers of Lahore, Karachi, Peshawar and Quetta.
