Pakistan says held productive trade talks in Washington
ISLAMABAD: Pakistan said it held productive trade talks with the US in Washington on Friday to advance economic cooperation, according to a statement from the South Asian country's finance ministry. Finance Minister Muhammad Aurangzeb met US Commerce Secretary Howard Lutnick and US Trade Representative Ambassador Jamieson Greer, the statement said.
'Both sides expressed satisfaction with the progress in enhancing trade and economic ties, a cornerstone of Pakistan-US bilateral relations,' the statement added. It said Aurangzeb emphasized that the US remained Pakistan's largest trading partner. Both sides expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries, the finance ministry said. Pakistan was optimistic that the trade talks would conclude in a week's time after a virtual meeting between Aurangzeb and Lutnick late last month.
The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan's efforts to avoid steep US duties on exports.
Pakistan faces a 29 percent tariff on exports to the US under President Donald Trump's measures to target countries with large trade surpluses with the US. Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan's mining sector. US-Pakistan relations saw a major boost when Trump hosted Pakistan's army chief Field Marshal Asim Munir at the White House last month in an unprecedented meeting. – Reuters
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