- The United States is Pakistan’s largest export market with $ 5 billion. In trade.
- American Chargé d’Affaires meets Finmin Aurangzeb in Islamabad.
- Finance Czar magazines to Washington for trade agreement.
Washington/ Islamabad: Finance Minister Muhammad Aurangzeb is back to his second visit to the United States in two weeks to end a trade agreement with Washington, according to an official statement issued late Monday.
The trip comes after Foreign Minister Ishaq Dar said Friday that the United States and Pakistan were “very close” to a trade agreement that could come within a few days but comments from the United States after Dar met with State Secretary Marco Rubio mentioned no timeline.
“A final discussion about the Pakistan-US Trade Dialogue takes place during the visit,” the Ministry of Finance said in a statement, adding that a trade agreement will benefit both countries.
Aurangzeb attended a meeting at the PM office, after which he was asked to travel to Washington to find a trade agreement with the United States. The Trump administration had given a deadline of August 1; Otherwise, they implement a higher duty against the countries on a mutual basis.
Earlier, the Finance Minister held a meeting with the US Chargé d’Affaires in the federal capital, and it seems that trade negotiations between the pages have been completed and a formal announcement is expected at any time shortly after the arrival of Pakistani high-ups in Washington DC.
The question arises if Pakistan gives Giant IT platform tax exemption on tax revenue recently passed under the Finance Act, then Islamabad should also provide the same treatment to Chinese companies.
Negotiations that focus on mutual tariffs are part of a wider push to reset economic ties at a time of changing geopolitical adjustments and Islamabad’s efforts to avoid steep US duties on exports.
Pakistan is facing a 29% duty on exports to the United States under President Donald Trump’s measures to target countries with large trade surplus with Washington.
Pakistan’s profits were 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.
The US -Pakistan relationship enjoyed a big boost when Trump hosted Pakistan’s army chief Field Marshal Asim Munir in the White House last month for an unprecedented meeting.
Pakistan aims to expand the bilateral trade conditions to both traditional and non-traditional sectors, says the Ministry of Finance.
There is a significant potential for partnerships in key sectors such as information technology, minerals and agriculture, added it.
Dar, Rubio discusses tariffs, bilateral affairs
Pakistan and the United States continued the Negotiations on Customs Monday as Islamabad pushes to secure an appointment by the August deadline, The news Reported Tuesday.
The discussion marked the second commitment of three days after Deputy Prime Minister and Foreign Minister Ishaq Dar’s meeting with US State Secretary Marco Rubio in Washington on July 25.
“Deputy Prime Minister and Foreign Minister Ishaq Dar spoke with US State Secretary Marco Rubio on the phone today,” the Foreign Office said in a statement.
Follow -up of their productive meeting last Friday in Washington DC said FO that they discussed key bilateral issues, including customs, as well as regional and global issues of mutual interest.
Pakistan is trying to expand its bilateral trading ties with the United States beyond traditional sectors with the aim of include non-conventional areas such as information technology, minerals and agriculture. Both sides recognize the great potential of cooperation on these strategic domains.
Aurangzeb’s visit is considered a crucial development in efforts to elaborate on financial commitment and explore new opportunities for partnership, with a special focus on improving trading flows and promoting long -term investment opportunities.
Elizabeth Horst, US Chargé d’Affaires in Pakistan, called for Finance Minister Aurangzeb in the Financial Division on Monday. The meeting served as an opportunity to exchange views on issues of mutual interest and to confirm the positive course of bilateral links between Pakistan and the United States.
The Minister of Finance expressed the appreciation of the long -standing support that the United States extended to Pakistan’s economic development. In particular, he paid tribute to the continued US support for macroeconomic stability achieved over the past year and a half and welcomed the healthy momentum in bilateral engagement across different sectors.
Remembering on his recent visit to the United States, the Minister shared insights from his productive meetings with US Trade Minister Howard Lutnick and US Trade Representative Ambassador Jamieson Greer in Washington, DC. He noticed the encouraging progress of elaborating on trade and financial ties between the two countries.
Senator Aurangzeb emphasized the importance of the United States as Pakistan’s largest trading partner and highlighted Pakistan’s great interest in expanding bilateral cooperation beyond traditional sectors. He specifically pointed to the promising potential of information technology, minerals and agriculture as opportunities for mutually advantageous cooperation.
The minister also informed Horst about Pakistan’s recent macroeconomic indicators, including superb rating upgrades and renewed investor confidence. He outlined the government’s reform agenda, focused on critical areas such as taxation and energy aimed at unlocking sustainable, long -term economic growth. Furthermore, he shared updates on Pakistan’s successful entry into Middle Eastern capital markets, its upcoming plans to issue the preliminary Panda bond and future access to euros and Dollar Markets.
Horst welcomed the economic progress and the government’s reform -driven approach and emphasized the American commitment to strengthening economic and trade bands with Pakistan. She repeated US support for continued economic and political stability in Pakistan and expressed optimism for a sustained and robust business partnership between the two nations.
The meeting was completed with a mutual obligation to build on the momentum for current engagements to further elaborate on bilateral cooperation.
– With additional input from Reuters
