ISLAMABAD: Islamabad and Washington have resolved to conclude their ongoing trade negotiations on reciprocal tariffs by next week, Pakistan’s finance ministry said on Wednesday as both sides look to bolster their economic relationship.
Pakistan last month announced it had begun talks with the United States (US) following the imposition of steep tariffs by President Donald Trump’s administration on several countries, including Pakistan.
Washington said it had imposed the duties to correct trade imbalances and ensure fair treatment of American goods. The decision was criticized as a blow to global economic recovery efforts in the aftermath of the COVID-19 pandemic.
Pakistan has been hit with a 29 percent tariff on its exports to the US as the country tries to drive sustainable economic growth through increased exports.
“Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week,” the finance ministry said after a virtual meeting between Pakistan’s Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick on Tuesday.
