Pakistan, May 27 -- The World Bank has identified high import tariffs and additional duties as significant barriers to industrial growth and export performance in Pakistan. In its latest report, the World Bank called for reduction in tariff slabs and the elimination of regulatory and additional customs duties. The global financial institution emphasized that current trade policies are hurting competitiveness and discouraging long-term industrial development.

According to the report, Pakistan's import tariffs - including regulatory and additional customs duties - have risen by 117% over the past decade. This rise has led to reduced competition, promoted inefficient industrial strategies, and redirected investment away from productive sect...