Trade talks with US to conclude next week: finance ministry

KARACHI: Pakistan and the United States have resolved to conclude trade talks next week after a virtual meeting between Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick on Wednesday.

The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan’s efforts to avoid steep US duties on exports.

89pc of all retail payments are now digital, says SBP report

“Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week,” the finance ministry said in a statement, adding that a longer-term strategic and investment partnership is also under discussion.

Pakistan faces a 29% tariff on exports to the US under President Donald Trump’s measures to target countries with large trade surpluses with the US.

Pakistan’s surplus was around $3 billion in 2024.

To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan’s mining sector.

Markets soar as ceasefire eases tensions: experts weigh in

Earlier this week, the two countries co-hosted a webinar promoting investment in Pakistan’s mineral sector, including the $7 billion Reko Diq copper-gold project.

Senior officials from both governments and US investors discussed public-private partnerships and regulatory reforms.

The US Export-Import Bank is reviewing financing proposals worth $500 million to $1 billion in Reko Diq.

Trump, who hosted Pakistan’s army chief Field Marshal Asim Munir at the White House last week, has earlier said trade helped avert a deeper conflict between Pakistan and India.