ISLAMABAD: A high-level delegation has been formed to visit the United States to discuss the 29% trump tariffs imposed on Pakistani exports and find ways to strengthen bilateral trade.
The delegation is likely to depart within a day or two. Federal Minister for Commerce, Jam Kamal Khan, will lead the delegation, and with him will be senior officials from the Ministry of Commerce, the Ministry of Finance, and the Foreign Office.
The delegation aims to negotiate a reduction in the proposed trump tariffs, eradicating non-tariff barriers, and enhancing trade between the two nations. Earlier, Pakistani exports had 9.9% of US tariff on average, but recently, 10% duties for 90 days have been increased by Washington, with a 29% tariff effect afterwards as planned.
To balance the trade shortfall, the delegation is also expected to offer the proposal to increase imports from the US, especially in cotton, machinery and soybean oil.
The delegation will highlight the $3 billion trade deficit that the US faces in its trade with Pakistan and suggest measures to mitigate the impact of the trump tariffs.
According to sources, Pakistan will push for a reduction in tariffs by 9% for every $1 billion decline in the trade deficit.
Additionally, discussions will focus on increasing exports of bed linen, denim, and towels, with a projected $500 million improvement in trade.
According to recent reports, PM Shehbaz Sharif has assigned the delegation a task to secure a fair-trade framework with the US.
The Pakistani government is aggressively appealing to Washington officials to negotiate a long-term trade strategy.
Read More: Pakistan to buy more US cotton, soybeans to escape Trump tariffs
Earlier, In an interview with Bloomberg News, Finance Minister Muhammad Aurangzeb explained, “It’s a bigger canvas that we are looking at in terms of engaging the US, We will constructively engage, and we will have a formal delegation coming in”.
Aurangzeb was in the US for to participate in the Spring Meetings of the International Monetary Fund and the World Bank.
