Government Formulating Tariff Rationalisation Strategy

The government is currently developing a strategy focused on the rationalisation of tariffs. This development arose during a consultative session dedicated to the preparation of the Federal Budget for 2025-2026, according to a statement released by the Prime Minister’s Office (PMO).

The meeting, presided over by Prime Minister Shehbaz Sharif, included a briefing indicating that discussions with the private sector, including representatives from various economic sectors, have been underway for the last three months in preparation for the budget.

Attendees were informed of the near finalisation of a five-year Trade Policy Framework for 2025-2030, and the advanced stage of completion of the eCommerce 2.0 Framework.

Prime Minister Shehbaz stated that collaboration between the government and the private sector is essential for the nation’s progress and prosperity. He emphasised that providing relief to the general public is the primary objective of the upcoming budget.

The Prime Minister assured that all possible resources would be deployed to alleviate the financial burdens of the less privileged. He instructed the relevant authorities to prioritise export-oriented sustainable growth when drafting the federal budget, adding that projects should be initiated to boost industries and enhance productivity.

He further emphasised the importance of job creation in the upcoming budget.

Prime Minister Shehbaz suggested that agriculture, IT, small and medium-sized enterprises (SMEs), and the housing sector should receive considerable attention in the federal budget, citing their substantial potential.

Moreover, PM Shehbaz noted that promoting projects through public-private partnerships (PPP) would be a key government priority in the upcoming budget.

He added that efforts to reduce the size of the federal government through right-sizing will continue into the next fiscal year.

The federal budget for the fiscal year 2025-26 is scheduled to be presented on June 2.

Business delegates and experts conveyed their confidence in the government’s economic policies and presented their proposals. The Prime Minister welcomed these suggestions from the business community and experts, directing that viable recommendations be incorporated into the forthcoming budget.