Pakistan, US finalize tariff deal to boost bilateral trade

WASHINGTON: Finance Minister Muhammad Aurangzeb announced that a tariff agreement between Pakistan and the United States has been finalized following high-level negotiations in Washington.

The deal is poised to reinvigorate bilateral trade ties and boost investor confidence on both sides.

During his official visit to the US capital, Aurangzeb met with key officials from the US government, international financial institutions, and major private sector representatives.

In a meeting with US Assistant Secretary of the Treasury Robert Kaproth, the finance minister shared updates on Pakistan’s legislative progress regarding the regulation of virtual assets, including digital and cryptocurrencies.

Aurangzeb extended an invitation to American companies to invest in Pakistan’s oil and gas, mineral resources, agriculture, and information technology sectors, citing recent economic reforms and investor-friendly policies that he said are creating a more attractive business environment.

At the US-Pakistan Business Council, Aurangzeb highlighted that Pakistan’s macroeconomic indicators are showing signs of improvement.

He called on the private sector to take a leading role in driving economic growth, emphasizing the government’s commitment to facilitating both Government-to-Government (G2G) and Business-to-Business (B2B) collaboration in key industries.

The minister also held discussions with senior officials from Citibank, the International Finance Corporation (IFC), and the Islamic Development Bank (IsDB). In his meeting with Citibank executives, he noted Pakistan’s strides in financial innovation and economic stabilization through ongoing reforms.

Aurangzeb began the day with a meeting with IFC Vice President Riccardo Puliti. Both sides expressed satisfaction over IFC’s continued investment in Pakistan and agreed to fast-track the financial closure of the Reko Diq mining project. They also welcomed the upcoming launch of IFC’s regional office in Islamabad.

In talks with Dr. Sulaiman Al Jasser, President of the Islamic Development Bank, Aurangzeb expressed gratitude for the bank’s support in financing Pakistan’s M-6 Motorway project. They also discussed cooperation in polio eradication efforts and oil financing, and agreed to work on a new Country Engagement Framework to guide future collaboration.