Pakistan finance minister visits US to finalise trade agreement

The Sun

5 days ago

ISLAMABAD: Pakistan's Finance Minister Muhammad Aurangzeb has departed for the United States for the second time in two weeks to finalise a trade deal with Washington, his office confirmed.
The visit follows Foreign Minister Ishaq Dar's statement last week that both nations were 'very close' to an agreement, though U.S. officials did not provide a timeline after discussions with Secretary of State Marco Rubio.
'A final discussion on the Pakistan-U.S. trade dialogue will take place during the visit,' Pakistan's Finance Ministry stated, emphasising mutual benefits from the deal.
Aurangzeb previously held 'productive trade talks' with U.S. Commerce Secretary Howard Lutnick and Trade Representative Ambassador Jamieson Greer during his July 18 trip.
The negotiations focus on reducing reciprocal tariffs, part of broader efforts to strengthen economic ties amid shifting geopolitical dynamics.
Pakistan currently faces a 29% tariff on exports to the U.S., imposed under former President Donald Trump's policies targeting trade surplus nations.
In 2024, Pakistan's surplus with the U.S. stood at $3 billion. To address the imbalance, Islamabad has proposed increasing imports of U.S. goods, including crude oil, and offering investment incentives in sectors like mining.
Relations between the two countries improved recently after Trump hosted Pakistan's army chief, Field Marshal Asim Munir, at the White House last month.
The finance ministry highlighted opportunities for collaboration in IT, minerals, and agriculture, aiming to expand trade beyond traditional sectors. - Reuters