US to invest in Pakistan’ mineral sector

WASHINGTON DC: The United States (US) has ‘agreed’ to invest in Pakistan’s mineral sector as Islamabad and the Trump administration are currently conducting trade negotiations in Washington, according to sources.

According to details, the Pakistan and US sides have agreed to complete a new trade pact. The Pakistani delegation is being headed by Secretary of Commerce Jawad Paul.

The United States has indicated a willingness to invest in Pakistan’s mineral industry, with possible investment valuing from $500 million to $1 billion, according to sources.

Pakistan has offered different proposals that seek to increase bilateral trade volumes. Diplomats say the upcoming US-Pakistan trade agreement would form the basis for a new economic partnership between Islamabad and Washington.

Pakistan has also expressed a willingness to increase its textile exports even further to the US, and at the same time, call on US investors to look at opportunities in various sectors in the nation.

Other than minerals, the Trump government has also evinced interest in investing in Pakistan’s burgeoning technology industry.

Pakistan’s active involvement reflects its attempts to guard its trade interests in the face of changing global trade politics.

The US policy of tariffs also influences key trading partners like India, China, the European Union, and Middle Eastern countries like Saudi Arabia, Qatar, and Afghanistan, and reflects the wider significance of the new trade practices.

Earlier, Pakistan and the United States resolved to conclude trade talks next week, the finance ministry said 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.