Muhammad Aurangzeb hints at major US investment in Pakistan

ISLAMABAD: Federal Minister for Finance Muhammad Aurangzeb Monday hinted at major US investments in different sectors of Pakistan following successful trade talks.

In an informal discussion upon his return from the United States, Muhammad Aurangzeb said that Pakistan will soon receive encouraging news of substantial investments across various sectors from the US.

He stated that during his visit, Pakistan achieved significant success in key meetings held as part of trade negotiations, which were highly appreciated by the US administration.

The minister described the trade talks with the US as a major success for the country, noting that Pakistan is moving in the right direction and the results will be visible soon.

Muhammad Aurangzeb underlined the need for making decisions that will bring long-term improvements to the economy and expressed satisfaction over the mutually successful outcome of the negotiations.

The United States and Pakistan hailed a trade deal that Islamabad said would lead to lower tariffs and increased investment, but without specifying the level of tariff to be levied on Pakistani exports.

“This deal marks the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors,” the Pakistan finance ministry said in a statement following a final round of talks in Washington.

Pakistan had faced a potential tariff of 29%, which was later suspended – as with other nations – to allow trade talks up to an August 1 deadline.

Islamabad was aiming at a tariff less than regional trade rivals such as Vietnam, which had a 20% tariff imposed by Trump, and India, which is threatened with a 25% tariff.