ISLAMABAD (Lord Media): The government has decided to extend the current auto policy by one year, as negotiations with the IMF and the Tariff Policy Board on a new auto policy remain unsuccessful. According to sources from the Ministry of Industries and Production, further consultations with relevant bodies, including the IMF, will continue to finalize the new policy.
Auto manufacturers have failed to meet export targets and align several local vehicles with international standards. The Ministry of Industries and Production has been unable to effectively defend the new auto policy in consultations with the IMF. The Prime Minister has directed that the new auto policy be made investor-friendly.
The proposed new auto policy aims to create new job opportunities, boost industrial activities, and mandate global safety standards for locally manufactured vehicles. Companies failing to meet international safety requirements will face penalties under the new policy.
Special measures will be included to promote electric vehicles, plug-in hybrids, and hybrid vehicles. The policy suggests ensuring compliance with 62 global safety standards for both imported and local vehicles.
Consultations on the new auto policy are ongoing with the FBR, Ministry of Commerce, Ministry of Law, and Ministry of Science and Technology. The new policy targets the promotion of modern technology, exports, and investment in the auto sector, with a focus on providing consumers with safe, quality, and environmentally friendly vehicles.
