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HomeCurrent AffairsPre-Budget Seminar on Trade Rationalization is Hosted by Commerce Ministry

Pre-Budget Seminar on Trade Rationalization is Hosted by Commerce Ministry

The business community will receive support from the government. In terms of trade and economic policy, according. To Federal Minister of Commerce Jam Kamal Khan. Whose remarks will be incorporated into the next budget.

The government will support industrialists to the fullest extent possible. Because it understands its obligations. To ensure economic and industrial productivity as well as competitiveness.

Speaking at the Pre-Budget 2024–25 seminar. That the Ministry of Commerce had organized here. The Minister of Commerce made this statement. The purpose of the seminar was to educate trade associations, exporters. And public sector stakeholders from the Ministry of Industries and Production,. Federal Board of Revenue, National Tariff Commission, Ministry of Finance. And Board of Investment, among others, about tariff rationalization.

Representatives from major industry and commerce chambers. Product associations, and industry experts from across Pakistan also attended the seminar.

During his keynote speech, Mr. Jam Kamal, the Federal Minister for Commerce. Described the process of tariff rationalization. As an essential government function aimed at promoting economic growth. And improving trade competitiveness.

He stated that initiatives and steps have been taken. In this direction and that the government will continue. To enhance the economic climate. To foster the confidence of businesspeople and industrialists.

According to him, the Ministry of Commerce wants to lower costs for home businesses. Increase exports, and draw in foreign investment. By streamlining and simplifying the tariff structure.

The purpose of the pre-budget seminar. According to Secretary of Commerce Saleh Ahmed Farouqi. Was to give interested parties a forum to meaningfully. Discuss the advantages and ramifications of tariff rationalization.

He told the participants that the purpose of the pre-budget exercise was. To give stakeholders a better understanding of the tariff rationalization initiatives. As well as information about how they affect different sectors. And how they can contribute. To the process of strategically altering the current tariff structure.

The Ministry of Commerce’s Tariff Wing launches a nationwide campaign. In February each year to solicit budget proposals. From interested parties nationwide in a particular format.

On the Ministry of Commerce website. You can find the request for proposals and the required format.

Participants gained knowledge about how to offer policymakers comments. And suggestions on tariff structure and rationalization initiatives through the Pre-Budget Seminar.

Prominent speakers from the Ministry of Commerce were joined by business leaders. Trade association and chamber of commerce representatives.

Presentations of various budget proposals were made during the sessions. By the Provincial Chambers from Lahore, Karachi, Peshawar. And Quetta, the Islamabad Chamber of Commerce & Industry (ICCI). And the Federation of Chambers of Commerce and Industry (FPCCI).

The Minister concluded by expressing gratitude. To each and every one of the attendees. For their enthusiastic participation and her hope for more productive future interactions.

Muhammad Imran
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