Pakistan finance minister leaves for US for trade talks

Pakistan finance minister leaves for US for trade talks

Pakistan's Finance Minister, Muhammad Aurangzeb, has embarked on a high-level mission to the United States to finalize the Pakistan-US trade dialogue. This move comes after a series of negotiations aimed at resolving outstanding issues and establishing a comprehensive economic framework between the two nations [1].

The negotiations, which began in May through a telephonic conference call, have progressed significantly. Aurangzeb and US Trade Representative Jamieson Greer initially discussed reciprocal tariffs and agreed to delve into technical discussions. The talks gained momentum after the US proposed a 29 percent duty on Pakistani exports, which was temporarily suspended [1].

By July, the dialogue entered its final phase, with Aurangzeb describing the discussions as "very constructive." The finance minister is expected to lead concluding discussions with senior US officials, including Commerce Secretary Howard Lutnick and Trade Representative Greer [1].

The primary goal of this visit is to formalize a comprehensive trade agreement that is expected to yield mutual economic benefits for both nations. The finance ministry underscored that robust trade and economic ties are the backbone of Pak-US relations. It also noted that the US remains Pakistan's largest trading partner [1].

Pakistan seeks to expand cooperation into non-traditional sectors such as information technology, agriculture, and minerals, which offer significant growth potential. The ministry concluded that Pakistan aims to boost bilateral trade beyond traditional goods by encouraging US investment in critical sectors, including energy and mining [1].

This development is crucial for Pakistan as it looks to diversify its economy and attract foreign investment. The successful conclusion of these trade talks could open new avenues for economic growth and strengthen the bilateral relationship.

References:
[1] https://www.dawn.com/news/1927204/finance-minister-heads-to-us-for-final-trade-negotiations