ISLAMABAD: Pakistan and the IMF have made further adjustments to the economic liberalisation plan and agreed to cut weighted average applied tariffs to around 6 per cent — a reduction of 43 per cent over five years in the protection level available to local industries, according to a media report.
The International Monetary Fund (IMF) had long been raising concerns over the protection available to local industries, but Pakistani authorities were reluctant to open these areas.
The country has the third-highest trade-weighted average tariffs in South Asia at 10.6 per cent. After the implementation of the full liberalisation plan, it will have the lowest weighted average tariffs in the region. PTI
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