Pakistan and the US have expressed optimism that the ongoing trade talks would yield positive outcomes, as Finance Minister Muhammad Aurangzeb held meetings with American officials in Washington to enhance trade ties.
Pakistan faces a 29 per cent tariff on exports to the US under President Donald Trump's measures against nations with large trade surpluses with his country.
The threat prompted a flurry of activities, including Aurangzeb's meetings with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer on Friday.
Aurangzeb had a “productive meeting” with Lutnick and Greer in Washington, DC, with both sides satisfied with progress made in enhancing trade ties, according to a finance ministry overnight statement.
“They (Pakistan and the US) reaffirmed their commitment to exploring opportunities to strengthen these ties in all possible areas of mutual benefit,” the statement read.
“Finance Minister Aurangzeb emphasised that the US remains Pakistan’s largest trading partner and underscored Pakistan’s interest in expanding cooperation in both traditional and non-traditional sectors, including IT and tech sector, minerals, and agriculture, to foster a mutually beneficial relationship.” The ministry further added that both parties “expressed optimism” that ongoing trade talks would yield positive outcomes and economic benefits for Islamabad and Washington.
The meetings took place as Pakistan and the US concluded a critical round of trade negotiations earlier this month, with officials saying an understanding on a tariff deal was reached that could shape the future of Pakistan’s key export sectors.
A formal announcement is expected only after the US concludes similar ongoing negotiations with other trade partners.
The US-Pakistan ties, which had been under strain, received a major boost after Trump hosted Chief of Army Staff Field Marshal Asim Munir at the White House last month for a lunch and meeting.
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