The government is formulating a strategy on tariff rationalisation, it was learnt on Friday.
The development came during a consultative meeting on the preparation of the Federal Budget 2025-2026, read a statement released by the Prime Minister’s Office (PMO).
During the meeting, chaired by Prime Minister Shehbaz Sharif, the attendees were briefed that consultations with the private sector, including representatives from various sectors of the economy, on budget preparation have been ongoing for the past three months.
They were informed that a five-year Trade Policy Framework 2025-2030 will be finalised soon, while the eCommerce 2.0 Framework is also near completion.
It was also disclosed that a strategy is being formulated on tariff rationalisation.
“The government and private sector must work together for the country’s development and prosperity,” said PM Shehbaz. “Providing relief to the common man is the top priority in the upcoming budget,” he added.
The prime minister said that all available resources will be utilised to reduce the financial difficulties of the downtrodden.
He directed relevant authorities to focus on export-led sustainable growth while preparing the federal budget. “Work should be undertaken on projects aimed at promoting industries and increasing production,” he emphasised.
He stressed that special focus should be given to job creation in the upcoming budget.
“Agriculture, IT, small and medium enterprises (SMEs), and the housing sector should receive significant attention in the federal budget, as all these sectors possess immense potential,” he said.
Moreover, the promotion of projects under public-private partnership (PPP) will be a key government priority in the next budget, PM Shehbaz shared.
He said that the process of right-sizing to reduce the size of the federal government will continue in the next fiscal year.
The federal budget for fiscal year 2025-26 will be presented on June 2.
Meanwhile, delegates of business personalities and experts expressed confidence in the government’s economic policies and presented their proposals.
The prime minister welcomed the suggestions of the business community and experts and directed that feasible recommendations be incorporated into the upcoming budget.
