Pakistan, June 12 -- In a major step towards structural reforms, the federal government has eliminated additional customs duties on 4,000 tariff lines out of a total 7,000, and also reduced duties on a further 2,700, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb announced on Wednesday.

Speaking at a post -budget press briefing, Aurangzeb described the tariff rationalisation as a "major and important step" in aligning Pakistan's trade and industrial policy with global standards. The initiative, he said, marks the beginning of a phased plan towards a simplified tariff regime, ultimately targeting an average tariff rate of just over 4 per cent.

"Overall, there are 7,000 tariff lines. Additional customs duty has been r...