Karachi:
Pakistan and the United States have decided to end trade interviews next week, the South Asian nation said Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and US Trade Secretary Howard Lutnick.
Negotiations that focus on mutual tariffs are part of a wider push to reset financial ties at a time of changing geopolitical adjustments and Pakistan’s efforts to avoid steep US duties on exports.
“Both sides showed satisfaction with the ongoing negotiations and decided to end the trade negotiations next week,” the Ministry of Finance said in a statement, adding that a longer term strategic and investment partnership is also being discussed.
Pakistan is facing a 29% duty on exports to the United States under President Donald Trump’s measures to target countries with major trade surplus with the US Pakistan’s profits was about $ 3 billion in 2024.
In order to offset the imbalance and facilitations, Islamabad has offered to import more US goods, including crude oil, and to open investment opportunities through concessions for US companies in Pakistan’s mining sector.
Earlier this week, the two countries hosted a webinar that promoted investments in Pakistan’s mineral sector, including the $ 7 billion-dollar of the Reco DIQ-Gold project.
High-ranking officials from both governments and US investors discussed public-private partnerships and regulatory reforms.
The US Export Import Bank is undergoing financing proposals worth $ 500 million to $ 1 billion in REKO DIQ.
Trump, who hosted Field Marshal Gen Asim Munir in the White House last week, has previously said that trade helped to avert a deeper conflict between Pakistan and India.
Meanwhile, the United States and Pakistan agree to increase bilateral economic and trading tapes and meaningful commitment to investment and negotiation of relevant financial issues.
Finance Minister Muhammad Aurangzeb held a virtual meeting with US trade secretary Howard Lutnick.
The discussion focused on meaningful commitment to trade, investment and elaboration of financial ties that are mutually beneficial to both sides with technical levels of trade -related discussions that were completed in the coming week, said a press release issued here on Wednesday.
A virtual meeting took place between Mr. Muhammad Aurangzeb, Finance Minister and Howard Lutnick, US trade secretary in the United States (USA) mutual tariffs, said a press release issued here on Wednesday.
Both sides showed satisfaction with the ongoing negotiations and decided to end the trade negotiations next week.
It was also resolved that a partnership based on strategic and investment interests further to the trade agreement covering areas of mutual interest. Both sides expressed confidence to end the trade negotiations at the earliest.
