logo
Pakistan says it held productive trade talks in Washington

Pakistan says it held productive trade talks in Washington

ISLAMABAD: Pakistan said it held productive trade talks with the U.S. in Washington on Friday to advance economic cooperation, according to a statement from the South Asian country's finance ministry.
Finance Minister Muhammad Aurangzeb met U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Ambassador Jamieson Greer, the statement said.
'Both sides expressed satisfaction with the progress in enhancing trade and economic ties, a cornerstone of Pakistan-U.S. bilateral relations,' the statement added.
It said Aurangzeb emphasized that the U.S. remained Pakistan's largest trading partner.
Both sides expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries, the finance ministry said.
Pakistan, US move closer to securing trade deal as tariff talks continue
Pakistan was optimistic that the trade talks would conclude in a week's time after a virtual meeting between Aurangzeb and Lutnick late last month.
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.
Pakistan faces a 29% tariff on exports to the U.S. under President Donald Trump's measures to target countries with large trade surpluses with the U.S.
Pakistan's surplus was around $3 billion in 2024.
To offset the imbalance and ease tariff pressures, Islamabad has offered to import more U.S. goods, including crude oil, and to open up investment opportunities through concessions for U.S. firms in Pakistan's mining sector.
U.S.-Pakistan relations saw a major boost when Trump hosted Pakistan's army chief Field Marshal Asim Munir at the White House last month in an unprecedented meeting.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Pakistan, Bangladesh agree on visa-free entry for diplomatic, official passport holders
Pakistan, Bangladesh agree on visa-free entry for diplomatic, official passport holders

Business Recorder

time3 hours ago

  • Business Recorder

Pakistan, Bangladesh agree on visa-free entry for diplomatic, official passport holders

Pakistan and Bangladesh agreed on Wednesday to grant visa-free entry for diplomatic and official passports. The development came during Federal Interior Minister Mohsin Naqvi's meeting today with Bangladesh's Home Minister, Lieutenant General (R) Jahangir Alam Chowdhury. ‎During the meeting, the two sides discussed matters of mutual interest and bilateral relations between Pakistan and Bangladesh. 'Pakistan-Bangladesh trade will soon reach $1bn mark' ‎The two sides also agreed to enhance cooperation in internal security and police training. They also held discussions on increasing collaboration in counter-narcotics and anti-human trafficking efforts, along with joint measures for counter-terrorism. Exchange programs for training between police academies were also discussed. ‎ UK removes Pakistan from Air Safety List The two leaders also decided to establish a joint committee to strengthen bilateral cooperation between Pakistan and Bangladesh. On Pakistan's side, Federal Secretary for Interior, Khurram Agha, will head the committee. ‎ Meanwhile, ‎a high-level Bangladeshi delegation will soon visit the National Police Academy in Islamabad.

PM Shehbaz discusses regional situation with British High Commissioner
PM Shehbaz discusses regional situation with British High Commissioner

Business Recorder

time4 hours ago

  • Business Recorder

PM Shehbaz discusses regional situation with British High Commissioner

Prime Minister Shehbaz Sharif discussed on Wednesday the regional situation in South Asia and the Middle East with British High Commissioner to Pakistan, Jane Marriott, who called on him at the Prime Minister's House. In a statement, the Prime Minister's Office (PMO) said that the PM conveyed his warm wishes for His Majesty King Charles III and Prime Minister Keir Starmer and said he looked forward to his meeting with the UK leadership later this year. 'He welcomed the UK Government's recent decision to resume PIA flights to and from the U.K., which he said would go a long way in alleviating the hardships faced by the British Pakistani community as well as enhancing people-to-people exchanges,' said the press release. The PM also appreciated the role of Marriott in this regard. While discussing Pakistan-UK relations, the PM expressed satisfaction at the positive trajectory of bilateral cooperation and said that the recently held trade talks between the two countries would lead to mutually beneficial opportunities for both sides. 'Pakistan is cooperating closely with the UK at the UN Security Council,' the PMO quoted the premier as saying. The PM also expressed his appreciation for the UK's role in de-escalation of tensions during the Pakistan-India stand-off. PM Shehbaz reiterated that Pakistan was ready for a meaningful dialogue with India on all outstanding issues, said the statement. Moreover, Marriott thanked the premier for receiving her and briefed him about her recent visit to London, where she had extensive consultations on enhancing Pakistan-UK bilateral ties. 'She lauded the government's economic performance in the last year and a half, under the vision and leadership of the Prime Minister, which had brought about a significant improvement in all key macro-economic indicators. She also shared with the Prime Minister, the UK's perspective on regional developments in South Asia and the Middle East.'

Finance minister lauds CCP's for ‘reducing pending court cases'
Finance minister lauds CCP's for ‘reducing pending court cases'

Business Recorder

time7 hours ago

  • Business Recorder

Finance minister lauds CCP's for ‘reducing pending court cases'

Federal Minister for Finance Muhammad Aurangzeb expressed satisfaction over the performance of the Competition Commission of Pakistan (CCP), saying the commission's had brought significant improvements, particularly in reducing the number of pending court cases. Addressing the Senate, the finance minister requested the chairman Senate Standing Committee on Finance and Revenue, to invite Dr Kabir Sidhu, Chairman CCP, for a detailed briefing to appreciate the true extant of reforms undertaken by the commission. He informed the house that over the past two years, the CCP's new management actively pursued litigation in various courts, which resulted in reducing the backlog of cases from 577 to approximately 300. Responding to a motion moved by Senator Mohsin Aziz, the minister emphasised that a transparent and robust regulatory framework is essential in a market-based economy to foster competition and ensure accountability. In this context, he highlighted CCP's recent performance as crucial and deserving of support. He shared that the CCP issued 11 major orders in the past year alone, imposing fines exceeding Rs1 billion. Of this amount, approximately Rs120 million has already been recovered. The inquiry process has been expedited, the issuance of show-cause notices has become more efficient, and the overall hearing mechanism has improved to ensure timely action against violators. The minister further stated that CCP's Cartels Department completed 20 inquiries during the current fiscal year, while the Office of Fair Trade finalised 13 investigations related to misleading advertisements and deceptive marketing. These investigations have led to the issuance of show-cause notices and the initiation of formal hearings, he said. He also informed the Senate about the establishment of a dedicated Market Intelligence Unit within the CCP, which proactively monitors market distortions, price manipulation, and other potential violations of competition law. The minister said that the unit has so far identified 170 potential violations across sectors such as banking, e-commerce, telecom, and real estate, with 28 inquiries already initiated. CCP tells Aurangzeb: 23 major actions taken against cartels and cos Highlighting the CCP's role in facilitating investment, he said that the commission Mergers Department approved 69 transactions during the current year, resulting completion of transactions worth $30 million in foreign direct investment (FDI). Moreover, the Exemptions Department granted 83 exemptions, helping to ease business operations. He added that a Centre of Excellence has also been established within the Commission to conduct research and data-driven analysis of various market sectors.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store