- A constructive commitment is committed to finalizing the trade agreement.
- The technical conferences planned to follow the virtual meeting.
- The deadline for prices is looming as the discussions continue.
Islamabad: Pakistan and the United States have decided to continue its negotiations thanks to a constructive commitment to finalize the trade agreement at the earliest, according to a statement published on Tuesday
The Minister of Finance, Muhammad Aurangzeb, held a virtual meeting with the US Secretary of Commerce Howard Lutnick Monday June 16 to discuss American reciprocal rates and advance the negotiations in progress towards a trade agreement.
The discussions, held at 2100 hours (PST), were focused on commitment to trade and cooperation of investments, the two parties agreeing that detailed technical discussions would soon follow, on the basis of a mutually agreed roadmap. The meeting was part of the efforts supported to deepen the economic ties between the two countries.
The two parties expressed their confidence in the progression of these negotiations to a successful conclusion as soon as possible.
Speaking on Tuesday at an event in Islamabad, the Minister of Finance said that he had a constructive and positive conversation with the American secretary to trade last night. He said the two countries move in the right direction and advance to strengthen their strategic partnership.
Translections come in the context of the reciprocal prices announced by the United States in April, citing a trade surplus of $ 3 billion in Pakistan with the United States. These prices, which could represent 29% on Pakistani exports, were suspended for 90 days to allow negotiations.
The Minister of Finance Aurangzeb and the ambassador of the United States representative, Jamieson Greer, launched the official dialogue with a telephone conversation on May 30.
Earlier in May, Pakistan proposed a zero-taift bilateral trade agreement in the United States, offering large economic concessions.
The Minister of Commerce Jam Kamal said Reuters Pakistan was ready to extend incentives to American companies, in particular in the mining sector of Balutchistan, through joint ventures with local companies. These concessions include rental grants and investment facilitation.
In addition, Pakistan has proposed to increase imports from the United States, in particular cotton and edible oils, which are in short interior supply.
Developments occur in the midst of a broader strategic thaw, US President Trump recently said Washington is working on “big business” with Pakistan and India.
This follows the United States’s ceasefire earlier between the two neighbors after the worst cross-border clashes for decades.