ISLAMABAD – The Ministry of Commerce has presented the full outline of the recent Pak-US trade agreement to the National Assembly. The update was shared during a question hour session on Thursday.
Minister of State for Finance, Bilal Azhar Kayani, informed the lawmakers that the deal includes a significant drop in US tariffs on Pakistani goods. The new 19% tariff rate is the lowest offered to any South Asian country. This move is expected to help boost Pakistan’s exports and support the struggling economy.
Officials stated that the United States is also showing interest in investing in Pakistan’s mineral sector. Talks between both countries were held through a working group and a steering committee led by the finance minister.
According to the ministry, the steering committee developed a three-point plan. The goal is to reduce the negative effects on Pakistan’s exports while balancing the trade relationship. One of the key measures will be to increase imports from the US in order to help narrow the trade deficit.
Both countries have also agreed to revisit taxes on various products. In addition, they will review non-tariff barriers to make future trade smoother and fairer.
The ministry confirmed that the two sides have reached an agreement on a working framework. This provides a foundation for continued trade discussions and cooperation.
The reduction in US tariffs from 29% to 19% is considered a major development in strengthening economic ties. It marks a shift towards deeper trade collaboration between the two nations.
The National Assembly welcomed the move, seeing it as a step forward in addressing Pakistan’s economic challenges and improving export performance.
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