Trade agreement with US: Pakistan govt says secured lowest tariff rate in South Asia
The minister, Thursday, told the National Assembly during question hour that the 19 per cent tariff rate offered to Pakistan is the lowest in the South Asian region. He said that bilateral relations with the United States (US) have strengthened as a result of government's efforts.
He highlighted that 'the agreement comes at a time when many had not anticipated such progress in Pakistan-US relations.'
US cuts Pakistan tariff to 19% from 29% after trade deal
'At a time when cipher conspiracies were being floated, no one expected a deal like this with the US. Even the opposition will have to acknowledge that despite numerous challenges, our trade ties with the US have improved,' he remarked.
He accused the opposition of hoping for deteriorating ties with Washington and pushing the country towards default. However, he credited Prime Minister Shehbaz Sharif's efforts for steering diplomatic relations in a positive direction.
He also pointed to the high-level engagements that contributed to the breakthrough, including a meeting between Chief of Army Staff Field Marshal Asim Munir and US President Donald Trump, as well as discussions held by Deputy Prime Minister Ishaq Dar with senior American officials.
He said 'this trade deal is the outcome of coordinated efforts by key government leaders.'
He noted that the government was working to lower energy tariffs, with a new energy policy on the horizon. 'We hope that the government's initiatives will lead to a reduction in production costs and make Pakistani exports more competitive,' he added.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
20 minutes ago
- Express Tribune
Dar orders faster visas for overseas Pakistanis, investors
Listen to article Deputy Prime Minister and Foreign Minister Ishaq Dar has ordered further steps to streamline visa procedures, boost transparency, and speed up processing—especially for overseas Pakistanis, investors, and business travellers. Chairing a meeting to review the visa facilitation initiatives introduced in 2024 under his guidance, Senator Dar emphasized the need for sustained institutional reform in consular services to better serve overseas Pakistanis and promote economic engagement. According to a statement issued by the Foreign Office, the meeting assessed progress on procedural reforms implemented across various missions. Officials briefed the Deputy Prime Minister on efforts to simplify application processes, reduce delays, and introduce digital tools to enhance service delivery. Also Read: Defence minister refutes IAF chief's claim of shooting down Pakistani jets The foreign minister emphasised the need to cut red tape and improve access for the Pakistani diaspora and economic stakeholders overseas. Dar noted that timely visa issuance is vital not only for strengthening ties with the diaspora but also for attracting investment and promoting international business directed the ministry to identify further areas for improvement and ensure that missions abroad adhere to best practices in visa processing. He directed the ministry to identify further areas for improvement and ensure that missions abroad adhere to best practices in visa processing.
Business Recorder
an hour ago
- Business Recorder
Gaza civil defence says 18 killed across territory
GAZA STRIP: Gaza's civil defence agency said at least 18 people were killed across the Palestinian territory on Saturday, including civilians who were waiting to collect aid. Civil defence spokesman Mahmud Bassal told AFP that at least six people were killed and 30 wounded after Israeli troops targeted civilians assembling near an aid point in central Gaza. The spokesman said strikes hit areas elsewhere in central Gaza, resulting in multiple casualties. He later added that a drone attack near the southern city of Khan Yunis killed at least three people and injured several others. Media restrictions in Gaza and difficulties accessing swathes of the territory mean AFP is unable to independently verify the tolls and details provided by the civil defence and the Israeli military. Israel approves plan to take control of Gaza City Thousands of Palestinians congregate daily near food distribution points in Gaza, including four managed by the US- and Israeli-backed Gaza Humanitarian Foundation. Since launching in late May, its operations have been marred by almost-daily reports of Israeli forces firing on those waiting to collect aid. Israeli restrictions on the entry of supplies into Gaza since the start of the war nearly two years ago have led to shortages of food and essential supplies, including medicine and fuel, which hospitals require to power their generators. Prime Minister Benjamin Netanyahu faces mounting pressure to secure a ceasefire to bring the territory's more than two million people back from the brink of famine and free the hostages held by Palestinians. But early Friday, the Israeli security cabinet approved plans to launch major operations to seize Gaza City, triggering a wave of outrage across the globe. Despite the backlash and rumours of dissent from Israeli military top brass, Netanyahu has remained defiant over the decision. In a post on social media late Friday, he said 'we are not going to occupy Gaza – we are going to free Gaza from Hamas'. Israel's offensive has killed more than 61,000 Palestinians, according to Hamas-run Gaza's health ministry, figures the UN says are reliable. Hamas's 2023 attack on Israel resulted in the deaths of 1,219 people, according to an AFP tally based on official figures.
Business Recorder
an hour ago
- Business Recorder
FIA arrests one more in ongoing crackdown against illegal currency dealers
KARACHI: The Federal Investigation Agency (FIA) reported on Saturday its Lahore circle had arrested an illegal currency dealer allegedly involved in currency smuggling (hawala/hundi) from capital city of Punjab province. The development came a day after a Pakistan court sentenced three illegal currency dealers to five years in prison and imposed a fine of Rs1 million on each for their involvement in unlawful foreign exchange trading. So far, the law enforcement agencies including the FIA has announced the arrest of a total of four illegal currency dealers in the past two weeks – since a crackdown was launched against illegal currency dealers and smugglers. The law enforcement agencies have intensified the ongoing crackdown to help Pakistani rupee recover against US dollar and other world major currencies. According to the FIA statement on Saturday, FIA Corporate Crime Circle Lahore arrested the suspect from Azam Cloth Market, Lahore, as the circle intensified the ongoing crackdown against illegal currency dealers and hawala/hundi operators. The suspect was identified as Gul Ameer, a resident of city Peshawar, Khyber Pakhtunkhwa (KP), the FIA statement read. The federal agency recovered Pakistani currency worth Rs6.4 million during the raid, it added. 'Hawala/hundi receipts and other digital evidence were also recovered from his possession.' 'The suspect has been taken into custody and investigation has been initiated. Raids are being conducted to arrest other accomplices of the suspect.' On Friday, Pakistan's court of the First Additional Sessions Judge, Sukkur, jailed three illegal currency dealers for five years and imposed a fine of Rs1 million each. The convicts were including Qamar Shehzad, Muhammad Zeeshan, and Zubair Asghar. The FIA Composite Circle Sukkur had registered the case against them. The crackdown has supported the domestic currency strengthened against US dollar and other currencies in inter-bank and open markets in recent days. According to State Bank of Pakistan's (SBP) data, the rupee has regained a total of Rs2.4 against US dollar since launch of the crackdown on July 23, 2025 to date, closing at Rs282.5/$ in the inter-bank market on Friday compared to Rs284.9/$ on July 22, 2025. Earlier, the rupee had lost almost Rs3 to a dollar in the prior seven weeks to Rs284.9/$ on July 22, 2025 since June 1, 2025. Talking to Business Recorder on July 23, Exchange Companies Association of Pakistan (ECAP) chairman Malik Muhammad Bostan said he had led a currency dealers' delegation to the Director General of Counter Intelligence (DGC) at the Inter-Services Intelligence of Pakistan (ISI) in Islamabad. According to an ECAP statement then, Bostan apprised the DGC about the currency smuggling to Iran and Afghanistan. 'Due to higher black market rates, the supply of dollars is decreasing to legal currency dealers day-by-day,' he was quoted as saying in the statement. 'On this, General Faisal Naseer [DGC] immediately ordered law enforcement agencies to crack down on currency smugglers and arrest them,' the ECAP said.
