Pakistan’s finance minister heads to US to finalise trade deal
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Pakistan’s finance minister heads to US to finalise trade deal
Pakistan and the U.S. are in talks over a possible trade deal. The talks are part of a larger effort to improve relations between the two countries. The two countries have been at odds over trade since the 1980s. The US is seeking to reduce its trade deficit with Pakistan, which has a large trade surplus with the US, by $2.5 billion. The deal would also see Pakistan open up more of its natural resources to the US.
ISLAMABAD : Pakistan’s finance minister Muhammad Aurangzeb has left for his second visit to the US in two weeks to finalise a trade deal with Washington, his office said late yesterday.
The trip comes after foreign minister Ishaq Dar said on Friday that the US and Pakistan were “very close” to a trade deal that could come within days, but comments from the US after Dar met with secretary of state Marco Rubio mentioned no timeline.
“A final discussion on the Pakistan-US trade dialogue will take place during the visit,” Pakistan’s finance ministry said in a statement, adding that a trade agreement will benefit both countries.
Aurangzeb said he held “productive trade talks” in meetings with US commerce secretary Howard Lutnick and US trade representative ambassador Jamieson Greer during his previous visit on July 18.
The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Islamabad’s efforts to avoid steep US duties on exports.
Pakistan faces a 29% tariff on exports to the US under President Donald Trump’s measures to target countries with large trade surpluses with Washington.
Pakistan’s surplus was around US$3 billion in 2024.
To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan’s mining sector.
US-Pakistan relations enjoyed a major boost when Trump hosted Pakistan’s army chief Field Marshal Asim Munir at the White House last month for an unprecedented meeting.
“Pakistan aims to expand bilateral trade relations into both traditional and non-traditional sectors,” the finance ministry said.
“There is significant potential for partnerships in key sectors such as information technology, minerals, and agriculture,” it added.
Source: https://tribune.com.pk/story/2558461/pakistans-finance-minister-heads-to-us-to-finalise-trade-deal