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National Tariff Policy (2019-2024) A WAY FORWARD

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National Tariff Policy (2019-2024)

A WAY FORWARD

Omer Hussan Bajwa

 

  1. Introduction

During the last two decades, Factory Asia has taken the central position in global trade. China has emerged as a new demand-and-supply hub. India, Bangladesh and Vietnam have earned great dividends in this changing paradigm. However, Pakistan has not been seen anywhere in securing benefits. Pakistan is globally out of sync as it has one of the highest tariffs in the world. Continuation of protectionist policies in Pakistan has been the major culprit behind this state of affairs. Although a few manifestation of trade liberalization has been witnessed in the last two decades, yet, its extent has been very limited. In November last year, the incumbent government came up with one of the most-awaited policies, National Tariff Policy 2019-2024 (hereinafter NTP). It is a step towards reversing the trend of de-industrialization in the country and declining exports. Undoubtedly, prolonged de-industrialization has resulted in sluggish exports and unaffordable import costs, as well as erratic economic growth.

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