Islamabad (Lord Media): The Ministry of Commerce informed the National Assembly’s Finance Committee that local auto companies have consistently opposed the import of vehicles. The committee met to discuss the National Tariff Policy 2025-30.
The Ministry of Commerce revealed plans to digitize the national tariff and rationalize the Fifth Schedule. It proposed reducing the regulatory duty on vehicle imports from 40% to 30% and lifting the five-year ban.
Commerce Secretary stated that the initiative aims to benefit consumers and enhance market competition. Committee Chairman Syed Naveed Qamar noted that the auto industry has enjoyed exceptional protection, leading to opposition against imports by local companies.
Commerce Secretary Jawad Paul briefed the committee about the phased reduction in import duties, aiming to lower the average tariff from 20.19% to 9.70% over the next five years.
Committee member Dr. Nafisa Shah emphasized the importance of energy prices for the industry, while Mirza Ikhtiar Baig questioned the measures to offset revenue losses. The Commerce Secretary responded that other steps would be taken to compensate for revenue shortfalls.
