Federal cabinet approves National Tariff Policy (NTP)
- employing tariffs as an instrument of trade policy rather than revenue generation,
- maintaining vertical consistency through cascading tariff structures (increasing tariff with stages of processing of a product),
- providing time-bound ‘strategic protection’ to the domestic industry during the infancy phase,
- promoting competitive import substitution through time-bound protection, which will be phased out to make the industry eventually competitive for export-oriented production.