Islamabad: A breakthrough is expected in the negotiations between Pakistan and the US regarding a bilateral trade agreement on the issue of tariffs, and in this regard, Federal Finance Minister Muhammad Aurangzeb has reached the US.
Sources in the Finance Ministry said that Federal Finance Minister Muhammad Aurangzeb is actively working with US officials for a bilateral trade agreement and during his visit to the US, Washington’s demands will be discussed before the August deadline for the agreement.
Sources said that US officials have urged Pakistan to reduce tariff and non-tariff barriers, a breakthrough is expected in the negotiations between Pakistan and the US and a statement is likely to be issued from Washington regarding the negotiations.
International magazine Bloomberg has said in a report in this regard that earlier the Pakistani delegation was provided with a detailed list by the US, Pakistan was urged to fulfill the conditions of the trade agreement and the Pakistani Finance Minister is optimistic about encouraging progress in the negotiations.
The report said that Pakistan is trying to appease the US and its aim is to get relief from the mutually imposed tariffs, Pakistan expected to complete the agreement in early July.
The report said that the pace of Pak-US trade talks has been slower than expected, there are signs of improvement in relations between Islamabad and Washington, these improved relations have come after a long diplomatic cold snap.
Earlier last month, the US President gave an unusual welcome to the Pakistani army chief at the White House and after that Pakistan recommended that Donald Trump be nominated for the Nobel Peace Prize.
The report said that Pakistan is currently adopting a soft approach to the crypto industry, Pakistan signed a memorandum of understanding with the Trump family’s World Liberty Financial in April and there has been encouraging progress in trade talks after the field marshal’s visit.
It was further reported that Pakistan’s trade deficit with the United States is about $3 billion, Pakistan is trying to get an exemption from the 29% tariff, and Pakistan is the second largest buyer of American cotton in South Asia after China.