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The Star
2 days ago
- Business
- The Star
Pakistan says it held productive trade talks in Washington
FILE PHOTO: Pakistan Finance Minister Muhammad Aurangzeb participates in a panel titled 'Navigating an Uncertain World' during the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., U.S., April 25, 2025. REUTERS/Elizabeth Frantz/File Photo ISLAMABAD (Reuters) -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 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. (Reporting by Asif Shahzad; Editing by Andrew Heavens and Nia Williams)
Straits Times
2 days ago
- Business
- Straits Times
Pakistan says it held productive trade talks in Washington
Find out what's new on ST website and app. FILE PHOTO: Pakistan Finance Minister Muhammad Aurangzeb participates in a panel titled 'Navigating an Uncertain World' during the 2025 annual IMF/World Bank Spring Meetings in Washington, D.C., U.S., April 25, 2025. REUTERS/Elizabeth Frantz/File Photo 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 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. Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore What is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 7-year-old girl, cabby taken to hospital after vehicle pile-up in City Hall area Singapore Former NUH male nurse charged after he allegedly molested man at hospital 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. REUTERS
