PM Shehbaz Sharif Approves Five-Year Plan to Reduce Tariffs

ISLAMABAD (RNN TV) — Prime Minister Shehbaz Sharif on Friday approved a comprehensive five-year tariff reform plan aimed at reducing import duties and promoting export-led growth.

Chairing a meeting on the National Tariff Policy, the prime minister announced that customs duties will be capped at 15%, down from rates that currently exceed 100% on some items. Additional Customs Duty (2–7%) and Regulatory Duty (5–90%) will be phased out gradually over the next four to five years. The number of duty slabs will also be cut to four to simplify the system.

According to a PM Office statement, the reforms are designed to encourage international investment, lower inflation, support job creation, and provide local industries with easier access to raw materials and capital goods. The move is part of a broader economic reform agenda developed in consultation with local and global experts.

PM Shehbaz called the reforms a “historic decision” and said they would enhance industrial competitiveness, stabilize the current account, and boost revenue collection. An implementation committee has been formed to oversee the execution of the plan.

The meeting was attended by federal ministers and senior government officials.