Islamabad, Dec 31: The Federal Board of Revenue (FBR) has announced tariff concessions on the import of various items and finished products from member countries of the D-8 Preferential Trade Agreement, effective January 10, 2025. The initiative will apply to imports from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Turkiye under the framework of the D-8 agreement.
The FBR issued an official notification, SRO.2075(I)/2024, detailing the implementation. According to the notification, imports into Pakistan from these countries must adhere to the D-8 Preferential Trade Agreement Rules of Origin, 2024. These rules align with the provisions outlined in the Preferential Trade Agreement among D-8 member states and the Import Policy Order, 2020.
The federal government, exercising powers under sections 18C and 19 of the Customs Act, 1969, has granted exemptions from customs duties (CD) as specified in the First Schedule of the Customs Act or those notified by the FBR on July 10, 2022. The exemptions will apply to goods listed under relevant headings and sub-headings of the Customs Act, provided they meet the agreement’s stipulations.
The notification specifies that where different duty rates apply, the lower rate will take precedence, ensuring cost-effective imports for businesses and industries. This adjustment reflects the government’s commitment to fostering regional trade partnerships and enhancing economic cooperation under the D-8 framework.
The tariff concessions aim to facilitate smoother trade, reduce costs for importers, and encourage greater utilization of goods from D-8 member countries. The agreement represents a significant step toward strengthening economic ties within the D-8 group, promoting shared growth and development among member nations.
