- The two parties are suitable for continuing a broader strategic partnership.
- Pakistan offers to increase imports from us.
- Islamabad, Washington began official commercial negotiations on May 30.
Pakistan and the United States have agreed to finalize their current commercial negotiations on reciprocal rates by next week, according to a statement published Wednesday by the Ministry of Finance.
Development comes following a virtual meeting between the Minister of Finance Muhammad Aurangzeb and the US Secretary of Commerce Howard Lunick.
Pakistan faces a potential 29% tariff on exports to the United States due to a trade surplus of $ 3 billion with the largest economy in the world, under the prices announced by Washington last month on the countries of the world. The prices were then suspended for 90 days so that negotiations can take place.
Last month, Islamabad sent a high-level delegation to the United States for negotiations aimed at improving bilateral trade relations and responding to concerns related to American prices newly imposed on Pakistani imports.
Earlier in May, Pakistan proposed a zero-taift bilateral trade agreement in the United States, offering large economic concessions.
In addition, Pakistan has proposed to increase imports from the United States, in particular cotton and edible oils, which are in short interior supply.
“The discussion focused on significant commitment in trade, investment and deepening of mutually beneficial economic links to both parties,” the Ministry of Finance said in a statement on Wednesday, adding that the technical discussions will end next week.
The two parties also agreed to continue a strategic partnership and based on broader investment, the ministry indicating that this framework would be developed in due course.
Earlier this week, according to ReutersThe two countries have co-organized a webinar promoting investments in the Pakistan mineral sector, including the Copper project of $ 7 billion Reko Diq.
High officials of American governments and investors have discussed public-private partnerships and regulatory reforms.
Trump, who has negotiated a ceasefire between Pakistan and India, previously said that trade has helped avoid a deeper conflict between the two countries.
– With an additional reuters input.