Pakistan, May 16 -- Prime Minister Shehbaz Sharif has approved a major tariff reform, capping customs duty at a maximum of 15% and phasing out additional and regulatory duties over the next four to five years. The announcement was made following a high-level meeting on the National Tariff Policy held on Friday.

The reform aims to make imports more affordable, especially for raw materials and machinery, while encouraging export-led growth. According to the Prime Minister's Office, the policy is also expected to help reduce inflation, attract foreign investment, and generate new employment opportunities.

Currently, Pakistan imposes additional customs duties ranging from 2% to 7% and regulatory duties from 5% up to 90%. In some cases, tota...