- The United States remains the largest export destination in Pakistan.
- Address, working groups formed for response.
- Pakistan seeks to finish the agreement before April 9.
The Minister of Finance, Muhammad Aurengzeb, expressed optimism that the current concerns around him the US tariffs could be transformed into a mutually beneficial opportunity for both countries.
“We want to make sure that, in terms of our representations, we present how we see it in the medium and long term as a situation of winning both for Pakistan and for the United States,” said Aurengzeb during a press conference in Islamabad on Saturday.
The president of the United States, Donald Trump, has imposed an amazing 29% rate on Pakistan imports, one of the most acute economic attacks in recent history.
The United States remains the main export destination of Pakistan, and according to the State Bank of Pakistan, total exports to the US. During fiscal year 2023-24 they amounted to $ 5.44 billion.
This unprecedented tax, part of the US commercial policy.
For Pakistan, whose textile industry depends largely on exports to the US, this rate is more than a financial setback: it is a direct success to its economic spine.
The country of more than 240 million people now faces a 29% tariff (which will begin on April 9) in its exports to the US, significantly higher than the baseline of 10%, which entered into force on April 5 (today). After April 9, all Pakistani exports will be charged a 39%rate.
A veteran banker, the finance minister emphasized that Islamabad sees the problem not only as a challenge but also as an opportunity to deepen economic cooperation with its largest export market.
He stressed that the United States is an important strategic and commercial partner for Pakistan, adding that the government is addressing the matter with a comprehensive response plan.
To that end, Prime Minister Shehbaz Sharif has constituted two specialized agencies: a Steering Committee chaired by Aurengzeb himself and including ministers, prominent business leaders, secretaries and academics; and a working group led by the Secretary of Commerce.
Aurengzeb said that, although the situation presents immediate challenges, it also opens doors for long -term negotiation and commitment. “You should never let a good crisis waste,” he said, underlining the government’s intention to formulate and present a well -structured package to the administration of the United States.
The Minister of Finance said that recommendations are expected to be completed in the next few days and submit to the prime minister for approval.
After that, a high -level delegation will travel to Washington to transmit the position of Pakistan and a greater dialogue with US officials. He said that Islamabad remains “very constructively committed” and hopes to strengthen the relationship through strategic discussions before the next deadline of April 9 of the 29%rate.
