ByIslamabad: In a move aimed at boosting trade with its regional partners, the Federal Board of Revenue (FBR) has issued a SRO 2075(I)2024 on December 31, 2024, exempting imports from D-8 member countries from customs duty.
The SRO covers imports from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Turkey, provided they comply with the D-8 Preferential Trade Agreement Rules of Origin, 2024.
The exemption will be implemented in phases, with customs duties gradually decreasing over the years. Starting from January 1, 2025, eligible imports will enjoy reduced customs duties, culminating in full exemption from January 1, 2028.
This initiative is expected to have a significant positive impact on trade between Pakistan and its D-8 partners. By reducing trade barriers, the SRO aims to enhance economic cooperation, boost regional trade, and ultimately benefit consumers through lower prices on imported goods.
The FBR has emphasized the importance of adhering to the D-8 Preferential Trade Agreement Rules of Origin to avail of the duty exemption.
This move aligns with the government’s efforts to strengthen regional trade ties and promote economic growth.
