Prime Minister Shehbaz Sharif approved Friday’s reforms that uncovered duty to a maximum of 15% and initiated the gradual elimination of further and regulatory tasks over the next four to five years.

The decision was made during a high -level meeting on national customs policy, chairman of the Prime Minister and being hailed by the government as an important milestone against export -led growth.

A statement from the Prime Minister’s office said the reforms are aimed at reducing inflation, attracting international investments and generating new employment opportunities.

“This step is considered an important milestone against economic improvement that enables export -led growth. This decision is expected not only to help control unemployment, but also to keep inflation at bay. In addition, it will also encourage international investment, helping to create new job opportunities,” according to a press release from PM.

Currently, additional customs duties vary from 2% to 7%, and regulatory duties range from 5% to as high as 90%. Both will be gradually phased out. In some cases, the duty of duty exceeds 100%, which asks the government to cover the upper limit of 15%.

The number of customs plates is also reduced to four in an attempt to simplify import procedures and facilitate business compliance.

“This is part of a broader financial reform agenda based on broad consultation with national and international experts,” Shehbaz said. “The goal is to make the Pakistani industry more competitive, control inflation and improve the ease of doing business.”

Officials believe that the reforms will not only support domestic industries through cheaper imports of raw materials and machines, but will also help reduce the loss of ongoing account and increase the collection by encouraging legal imports.

An implementation committee has been set up to oversee the gradual roll -out of the new customs regime.

The meeting attended federal ministers Jam Kamal Khan, Ahad Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik and special assistant to Prime Minister Haroon Akhtar together with senior officials from relevant departments.