New US-Pakistan Trade Deal Promises Boost in Exports and Economic Growth

ISLAMABAD: The Ministry of Commerce informed the National Assembly on Thursday about a new trade agreement signed with the United States. The deal is expected to enhance Pakistan’s exports and positively influence the economy. The agreement comes as part of ongoing efforts to improve trade relations with major global markets.

Minister of State for Finance, Bilal Azhar Kayani, said during the question hour that Pakistan secured a 19% tariff rate. This rate is the lowest among South Asian countries and reflects growing economic cooperation between the two nations. It also presents new opportunities for local exporters to expand their market reach.

The Ministry highlighted that the United States has shown interest in investing in Pakistan’s mineral sector. Discussions were held through a working group and a steering committee led by the finance minister. The talks focused on protecting Pakistan’s export potential while attracting foreign investment.

The steering committee introduced a three-point strategy to reduce any negative impact on exports. It includes increasing imports from the US to help lower the trade deficit. The two sides also agreed to review non-tariff barriers and hold further discussions on product-specific taxes.

The Commerce Ministry confirmed that the US has reduced its import tax on Pakistani goods from 29% to 19%. Both countries have agreed on a framework to support long-term trade cooperation and ease future negotiations.