Representative image indicating US-Pakistan ties
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Islamabad: Trade talks between Pakistan and the US are expected to conclude next week, according to an official statement on Wednesday.
The development came at a virtual meeting between Finance Minister Muhammad Aurangzeb and the US Commerce Secretary Howard Lutnick, the Finance Ministry said.
During the meeting, it was decided to expedite the trade agreement so that a partnership, based on strategic and investment interests, would be concluded in due course, covering areas of mutual interest.
“Both sides showed satisfaction in the ongoing negotiations and resolved to conclude the trade negotiations next week,” the finance ministry said, adding that a longer-term strategic and investment partnership is also under discussion.
The US administration under President Donald Trump announced tariffs on several countries and Pakistan was faced with a 29 per cent tariff on exports to the US.
The measure aimed to offset Pakistan’s surplus which was around $3 billion in 2024.
Pakistan 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 so that the issue of trade imbalance could be addressed.