Pakistan, US finalising trade deal, Kayani tells Bloomberg
SCCI stresses enhancing Pak-US bilateral trade, economic ties
Monitoring Desk
ISLAMABAD: Pakistan and US officials are currently in discussions to finalise the finer details of a trade deal that includes investments after securing the lowest tariff among major South Asian nations, Bloomberg reported on Monday.
Pakistan’s revised tariff rate of 19% is lower than that of several regional economies, including India (25%), Bangladesh (20%), Vietnam (20%), and Sri Lanka (20%).
Minister of State for Finance Bilal Azhar Kayani told Bloomberg TV in an interview that Prime Minister Shehbaz Sharif’s government aims to secure a better tariff on certain exports during the ongoing talks with the US.
“The agreement with more details will be negotiated and discussed in the months ahead,” Kayani said.
The South Asian nation reached a trade deal last month with a 19% tariff – significantly lower than the initially proposed 29%, under a sweeping new executive order signed by President Donald Trump.
The two nations have seen an improvement in relations recently with Trump also hosting Pakistan’s Chief of Army Staff (COAS) Asim Munir for rare talks at the White House, who is on a second trip to the US within a few months.
President Donald Trump, while announcing the trade deal, said the US will work with Pakistan on developing “their massive oil reserves” and its in the process of choosing an oil company to lead the partnership.
The news of the deal came on the same day that Trump launched an unprecedented tariff attack against India – threatening tariffs of 25% – which were later increased to 50% – among the highest on any US trading partner, unless India stops buying Russian oil and weapons.
Trump has threatened higher tariffs on Russia and secondary sanctions on its allies, if Russian President Vladimir Putin does not move to end the war in Ukraine, and threatened to sanction both Russia and its allies.
He even expressed dissatisfaction with India’s participation in the “anti-US” BRICS grouping.
Their relations worsened as an Indian government source said Indian Prime Minister Narendra Modi would visit China for the first time in over seven years later this month.
During the announcement of oil reserves, Trump added how Pakistan “may be selling oil to India one day.”
SCCI stresses enhancing Pak-US bilateral trade, economic ties
Consul General of the United States in Peshawar, Shante Moore, reaffirmed his country’s commitment toward strengthening bilateral trade, economic and commercial relations with Pakistan.
He was speaking during a farewell luncheon hosted in his honour by the Sarhad Chamber of Commerce and Industry (SCCI) at the chamber house on Monday. Fazal Moqeem Khan, president of the Sarhad Chamber of Commerce and Industry, underscored the need for further improvement in Pak-US bilateral trade and economic relations.
The farewell meeting was chaired by the chamber president Fazal Moqeem Khan, which attended by SCCI senior vice president Abdul Jalil Jan, vice president Shehryar Khan along others. The participants highly appreciated the role outgoing Consul General Peshawar Shante Moore had played commendably, who set an excellent example of diplomacy for improving the mutual Pak-U.S. trade and economic relations and hoped his successor would continue collaboration with the business community.
Business community commended the current U.S administration policy shift, which is keenly prioritizing trade with Pakistan rather than Aid. SCCI leadership said that Pakistan and the U.S have enjoyed close diplomatic, economic and trade relations for the last several decades, and now the level of collaboration and friendship between the countries have entered a new era under the current U.S administration, which is highly welcoming. The business community presented a number of proposals to enhance export of Pakistani manufacturing products to the U.S market, mainly related to share of advanced technology for development of mines and mineral sectors, efficiently tapping available potentials, exchange of business delegations and interactive sessions, removal of hurdles in bilateral trade, etc.
Fazal Moqeem Khan underscored the need for further improvement in Pak-US bilateral trade and economic relations. He lauded Shante Moore for remarkable role, contribution and proactive engagement with the business community that had helped to bring the relationship between the two countries to new heights. We truly believe that the foundation of the relationship laid by Shante Moore with us will go a long way and help to bring the business community of the two countries closer to each other and they will play a role in improving bilateral trade and economic ties. Shante Moore highlighted the importance of Pak-U.S. diplomatic and economic relations. U.S Consul General, especially mentioned the major achievements toward boosting the trade and commercial relations between the two countries during his tenure in KP. He, particularly, said KP has a matter for the US and repelled the misperceptions about this region. We are serious and fully committed to enhancing mutual economic and commercial ties. The US diplomat appreciated the hospitality, culture and brotherliness of KP and said that people of this region are very kind, generous and friendly. Shante Moore acknowledged that KP has immense potential to strengthen relations with the U.S and sought the assistance of SCCI to pursue U.S. companies to invest in available investment opportunities in K-P. U.S CG noted that KP has been adversely affected by the menace of terrorism and stated his country wants to assist Pakistan to cope with security and other challenges and effectively combat terrorism. He hoped his successor would continue working with SCCI and would play a role in further strengthening bilateral trade, economic and commercial relations between the two friendly countries.
