ISLAMABAD/WASHINGTON, July 31 (Reuters) – On Thursday, the United States and Pakistan celebrated a new trade pact that Islamabad claims will facilitate lower tariffs and boost investment. Nonetheless, the exact tariff rates for Pakistani exports were not revealed.
In a statement after the last round of talks in Washington, Pakistan’s Ministry of Finance remarked, “This accord signifies the start of a new phase in economic collaboration, especially in crucial areas including energy, mining and minerals, information technology, cryptocurrency, and more.”
Islamabad characterized the agreement as a sign of a wider partnership with Washington, and Finance Minister Muhammad Aurangzeb, who headed the concluding discussions, stated that a larger economic and strategic accord exists.
“In our view, it continually exceeded the immediate trade necessity, with its entire aim being, and remaining, that trade and investment must complement each other,” he stated in recorded comments.
Pakistan encountered a possible 29% tariff, which was subsequently put on hold – like other countries – to facilitate trade negotiations until an August 1 deadline. Islamabad sought a tariff lower than its regional trade competitors like Vietnam, facing a 20% tariff set by Trump, and India, which is at risk of a 25% tariff