Washington: Pakistan and the United States have successfully concluded a major trade agreement aimed at boosting bilateral trade, improving market access, and expanding cooperation in areas of mutual interest.
According to the Finance Ministry, the deal will create new trade and investment opportunities in various sectors, including energy, minerals, IT and crypto currency. Under the agreement, tariffs between the two countries will reduce, which will facilitate Pakistani exports to reach the US market.
The agreement was officially announced by US President Donald Trump through a post on Turth Social. On this occasion, Pakistani Finance Minister Senator Mohammad Aurangzeb had an important meeting of US Commerce and Trade Representatives, which was attended by Secretary Commerce Jawad Pal and Pakistani Ambassador to the United States Rizwan Saeed Sheikh.
The Finance Ministry says the deal will not only increase US investment in Pakistan's infrastructure and development projects, but will also bring new lives in economic relations between the two countries. Pakistani authorities hope that the deal will help strengthen the country's economy and increase employment opportunities for the youth.
DPM Dar Announced the Deal Joy:
In a late-night post on X, Deputy Prime Minister Dar announced, "Pakistan seals deal with the USA, AlhamdoLilah," marking what officials are hailing as a major milestone in the country's economic diplomacy efforts
US-Pakistan Trade Volume Reaches $7.3 Billion in 2024:
Finance Minister Senator Muhammad Aurangzeb said that Pakistan and the United States had agreed to move trade and investment hand in hand, following a key meeting in Washington.Speaking after talks with US Commerce Secretary Howard Lutting and Trade Representative Jameson Greer, Aurangzeb described the meeting as constructive and said the two sides finalised the trade agreement during the discussion.
“This deal reflects a broader economic and strategic partnership that’s now taking shape,” he said.
The minister thanked all those involved in the negotiations, saying the private sector had played a vital role and would continue to be supported, especially in helping to reduce the trade imbalance.
US total goods trade with Pakistan was an estimated $7.3 billion in 2024, according to the website of the Office of the US Trade Representative, up from around $6.9 billion in 2023. The US goods trade deficit with Pakistan was $3 billion in 2024, a 5.2% increase over 2023.
Trump to hit India with 25% Tariffs:
The new US import tax on goods from India will be higher than the tariffs imposed on several other countries that recently secured agreements with the Trump administration. For example, Vietnam faces a 20% tariff, Indonesia 19%, while Japan and the European Union are subject to a 15% levy.
"This is a major setback for Indian exporters, especially in sectors like textiles, footwear, and furniture, as the 25% tariff will render them uncompetitive against rivals from Vietnam and China," said SC Ralhan, president of the Federation of Indian Export Organisation.
