Pakistan, May 17 -- In a bid to attract investment and promote exports, the federal government on Friday decided to significantly decrease import duties, including a phased elimination of additional customs duty (ACD) and regulatory duty (RD).

As per a statement released by the Prime Minister's Office (PMO), PM Shehbaz Sharif has directed the abolition of ACD, which currently ranges from 2% to 7%, and RD, which currently ranges from 5% to 90%, over the next four to five years.

Additionally, he also approved a proposal to cap customs duty (CD) at a maximum of 15%. At present, CD can exceed 100% on some items.

Meanwhile, the number of CD slabs has been reduced to four, which the government believes will significantly cut legal complexiti...