Ministry presents details of Pak-US trade deal in NA

ISLAMABAD: The Ministry of Commerce on Thursday shared details of recent trade deal signed with the United States with the National Assembly.

The house was informed that the trade agreement will boost Pakistan’s exports and positively impact the economy.

Minister of State for Finance Bilal Azhar Kayani told the house during question hour that the 19% tariff rate offered to Pakistan is the lowest in the South Asian region.

The commerce ministry presenting salient features of the agreement said that the United States has expressed interest for investment in mineral sector.

Ministry said that the government’s working group and the steering committee headed by the finance minister held talks with the US officials.

The steering committee has set a three-point strategy aimed at decreasing adverse impact on Pakistan’s exports, ministry told the house. “Pakistan will enhance imports from the US to decrease trade deficit”.

Ministry said that Pakistan and the United States will hold further discussion over taxes on various products. The non-tariff hurdles would also be reviewed to remove or soften them.

“The two sides have agreed over the framework”, ministry said.

The United States has slashed the tax from 29% to 19%, ministry told the house.