Pakistan, May 16 -- The government of Pakistan, under Prime Minister Shehbaz Sharif's leadership, has decided to reduce import duties significantly as part of a broader strategy to attract foreign investment, promote exports, and stabilize the economy.

In a crucial meeting on the National Tariff Policy held on Friday, the government approved the phased elimination of additional customs duties (ACD) and regulatory duties (RD) over the next four to five years. This move will cut ACD, currently ranging from 2% to 7%, and RD, which ranges from 5% to 90%.

Furthermore, Prime Minister Shehbaz Sharif endorsed a proposal to cap customs duties (CD) at a maximum of 15%, a reduction from the current levels where some duties exceed 100%. Additionall...