ISLAMABAD: Pakistan has decided with the United States to keep working on finalizing a trade deal through active and meaningful discussions. An official announcement shared this update on Tuesday.
Finance Minister Muhammad Aurangzeb talked with US Commerce Secretary Howard Lutnick via video call on June 16, a Monday. They focused on addressing tariff issues and moving the trade talks closer to completion.
The meeting took place at 9pm PST and aimed to improve cooperation in trade and investment. Both parties agreed on organizing detailed technical-level talks soon. They will follow a approved roadmap to work towards boosting economic ties between both nations.
They shared optimism about wrapping up these negotiations as as possible.
At an event in Islamabad on Tuesday, the finance minister mentioned his productive discussion with the US commerce secretary the previous night. He shared that the two countries are on the right track and making progress to deepen their strategic partnership.
The discussions follow the US decision in April to announce matching tariffs pointing to Pakistan’s $3 billion trade surplus with the US. These tariffs, which might reach as high as 29% on goods exported from Pakistan, were paused for 90 days to make room for talks.
On May 30, Finance Minister Aurangzeb and US Trade Representative Ambassador Jamieson Greer kicked off formal negotiations during a phone call.
Earlier that month, Pakistan suggested a bilateral trade deal with zero tariffs to the US putting forward significant economic incentives in the process.
Commerce Minister Jam Kamal told Reuters that Pakistan is ready to offer incentives to American businesses in Balochistan’s mining industry, by promoting partnerships between U.S. and local companies. These benefits would include lease grants and easier processes to invest.
On top of that, Pakistan has proposed boosting imports from the U.S. focusing on cotton and edible oils as they face shortages at home.
These efforts are part of an improving relationship, with U.S. President Trump mentioning Washington’s work on “big deals” with Pakistan and India.
This move comes after the U.S. helped mediate a ceasefire between the two nations following their worst cross-border violence in decades.
