Trade talks with US set to conclude next week
Pakistan and the US have resolved to conclude trade talks next week, the South Asian nation said on Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick.
The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan's efforts to avoid steep U.S. duties on exports.
"Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week," the finance ministry said in a statement, adding that a longer-term strategic and investment partnership is also under discussion.
Pakistan faces a 29% tariff on exports to the US under President Donald Trump's measures to target countries with large trade surpluses with the US Pakistan's surplus was around $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.
Earlier this week, the two countries co-hosted a webinar promoting investment in Pakistan's mineral sector, including the $7 billion Reko Diq copper-gold project.
Senior officials from both governments and US investors discussed public-private partnerships and regulatory reforms.
The US Export-Import Bank is reviewing financing proposals worth $500 million to $1 billion in Reko Diq.
Trump, who hosted Field Marshal Gen Asim Munir at the White House last week, has earlier said trade helped avert a deeper conflict between Pakistan and India.
Meanwhile, the US and Pakistan have agreed to increase bilateral economic and trade ties and meaningful engagement in investment and negotiation on pertinent economic issues.
Finance Minister Muhammad Aurangzeb held a virtual meeting with US Commerce Secretary Howard Lutnick.
The discussion focused on meaningful engagement in trade, investment and deepening economic ties mutually beneficial to both sides with technical level trade related discussions to be concluded coming week, said a press release issued here on Wednesday.
A virtual meeting took place between Mr. Muhammad Aurangzeb, Finance Minister and Howard Lutnick, United States' Commerce Secretary on United States (US) reciprocal tariffs, said a press release issued here on Wednesday.
Both sides showed satisfaction with the ongoing negotiations and resolved to conclude the trade negotiations next week.
It was also resolved that, further to the trade agreement, a partnership, based on strategic and investment interests, would be concluded in due course covering areas of mutual interest. Both sides expressed confidence in concluding trade negotiations at the earliest.