Pakistan-US trade talks to conclude next week

ISLAMABAD: Pakistan and the United States have resolved to conclude trade talks next week, the finance ministry said on Wednesday after a meeting between the Finance Minister, Aurangzeb, and US Commerce Secretary Howard Lutnick.

Both sides convened a third round of virtual negotiations on reciprocal tariffs, aiming to finalise a trade deal amid concerns over Islamabad’s $3 billion trade surplus with Washington in 2024.

The discussion focused on meaningful engagement in trade, investment, and deepening economic ties mutually beneficial to both sides, with technical-level trade-related discussions to be concluded coming week, said a press release.

“Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week,” the finance ministry said in a statement, adding that a longer-term strategic and investment partnership is also under discussion.

The negotiations follow Washington’s annou­ncement of potential 29 per cent tariffs on Pakistani exports, which have been temporarily suspended for 90 days to allow space for negotiations.

To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan’s mining sector.

Earlier this week, the two countries co-hosted a webinar promoting investment in Pakistan’s mineral sector, including the $7 billion Reko Diq copper-gold project.