Pakistan and US Advance Trade Talks in Virtual Meeting

Pakistan and the United States have reinforced their commitment to resolving trade issues, specifically the reciprocal tariffs previously implemented by the former US President. High-ranking officials from both nations engaged in a virtual conference on Monday to address these matters.

The digital meeting saw the participation of Pakistan’s Finance Minister, Muhammad Aurangzeb, and the United States’ Commerce Secretary, Howard Lutnick, with the primary objective of strengthening bilateral trade and investment relations.

According to a statement issued by the Ministry of Finance on Tuesday, both parties have agreed to progress the negotiations through proactive collaboration, aiming to finalize a trade agreement as swiftly as possible.

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The statement further noted that the discussions were centered on fostering meaningful engagement in trade and investment, with the goal of enhancing economic ties that are mutually beneficial. Both sides acknowledged that more detailed technical discussions will be conducted in the near future, guided by a jointly established roadmap.

Both delegations voiced optimism about the potential for these negotiations to achieve a successful conclusion promptly.

Earlier, tariffs imposed on imports worldwide, including additional levies on significant trade partners like Pakistan, had sparked trade tensions. Islamabad is actively seeking to alleviate the impact of these reciprocal tariffs.

While these tariffs are currently suspended until July, Pakistan intends to dispatch a trade delegation to Washington in the coming months to address the existing trade imbalance.

The United States stands as Pakistan’s largest export destination, accounting for over $5 billion in annual exports as of 2024. Conversely, Pakistan’s imports from the US amount to approximately $2.1 billion.

In a recent interview, Finance Minister Muhammad Aurangzeb conveyed Pakistan’s intention to increase its procurement of goods from the US and eliminate non-tariff barriers, with the aim of mitigating the impact of the tariffs.