ISLAMABAD:
Pakistan proposed a zero-tariff bilateral trade agreement with the United States, aimed at expanding trade relations in multiple sectors, as the government welcomed President Donald Trump’s statement about enhancing trade with Pakistan, sources said on Thursday.
The sources told The Express Tribune that the Pakistan government had proposed a bilateral agreement based on mutual interests, offering zero tariffs on selected tariff lines. They added that Pakistan wanted to expand bilateral trade with the United States in multiple sectors.
Separately, Commerce Minister Jam Kamal Khan welcomed a recent statement of President Trump regarding enhancing trade with Pakistan, saying that it marked not only a new chapter in the Pak-US ties, but also showed the strength of Pakistan’s economic and diplomatic position.
In an exclusive chat with The Express Tribune, the minister said that despite the Pak-India tension, the US desire to increase trade relations with Pakistan was a reflection of the fact that the international community was looking at Pakistan as an economic partner.
“This is a positive signal for us that the United States is looking at Pakistan as an important trade partner,” the minister told The Express Tribune. “After the Pakistan-India tension, Pakistan’s position has been strengthened. Now the United States is taking Pakistan and India on the same level.”
On Saturday, during the peak of the military’s Operation Bunyanum Marsoos – Pakistan’s befitting response to Indian aggression on May 7 – the US president announced that both Pakistan and India had agreed to a ceasefire.
Trump, who is currently on Middle East tour, said on Thursday that hostilities between Pakistan and India were settled, after he urged the two countries to focus on trade instead of war. Previously, he said that he would increase trade with both the nations.
Last month, Trump had announced an increase in American Tariffs on dozens of countries, including Pakistan. Jam Kamal said that Washington was currently considering tariffs as an obstacle in trade with Pakistan which was a positive sign.
He said that Prime Minister Shehbaz Sharif had already established a high-level committee on the tariffs issue, led by Finance Minister Muhammad Aurangzeb. “This committee is working on various options for the past one-and-a-half months to develop a strategy to improve trade relations with the US.”
The minister said that the committee was currently analysing the factors, on the basis of which trade engagement with the US could be expanded. “Pakistan wants to take full advantage of this opportunity, and the relevant institutions are fully prepared in this regard,” he added.
(WITH INPUT FROM USAMA IQBAL)
