ICCI calls for reduction in import tariffs on industrial raw material and machinery - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- November 11, 2019 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

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The Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to reduce high import tariffs on industrial raw material and machinery as it has increased the cost of inputs for industry including export-oriented industries and affected industrial competitiveness due to which productivity and exports were suffering.

Muhammad Ahmed Waheed President, Tahir Abbasi Senior Vice President and Saif ur Rahman Khan Vice President, Islamabad Chamber of Commerce and Industry said that domestic industry was facing import tariffs ranging from 3% to 20% on the import of industrial raw material and machinery due to which it was difficult for industrial sector to upgrade machinery and technology, which was necessary for producing value added products and compete more effectively in the international market.

They said the experience of many developing countries showed that tariff rationalization and trade liberalization accelerated the pace of their economic development while high import tariffs have adversely affected the growth of economy. They said that during the last decade, fastest export-growth economies have brought significant reduction in import tariffs, in some cases by 50 percent to 70 percent. However, in Pakistan, the trend has been the opposite as the import tariffs and regulatory duties have been increased manifold.

Muhammad Ahmed Waheed said that Pakistan's export growth since 2001...