The Federal Minister of Finance, Muhammad Aurengzeb, declared Tuesday that Pakistan and the United States are advancing efforts to improve their strategic association and emphasized that both nations are aligning in key issues and progressing in the right right.
Speaking in an event in Islamabad, the minister described his recent dialogue with the United States Secretary of Commerce, Howard Lutnick, as an encouraging and with a vision of the future.
Aurengzeb reaffirmed the government’s commitment to continuous reform initiatives in areas such as taxes, energy and commerce, according to a report on the State Pakistan radio website.
He pointed out that recent tariff adjustments aim to promote a more competitive economic environment.
When commenting on pension reforms, the Minister of Finance said that the introduction of the defined contribution pension plan represents a balanced approach that benefits both state employees and the government.
He added that pensions for retired personnel have been raised in seven percent to reflect current inflation trends. In addition, a proposal has been made to impose a five percent tax on pensions that exceed ten million rupees, while ensuring that low and medium income retirees were not affected.
During a previous virtual meeting with the Secretary of Commerce Lutnick, both parties agreed to promote negotiations on reciprocal rates agreements.
Discussions focused on increasing commercial and investment ties and strengthening economic collaboration based on mutual interest.
The two parties also consented to continue the conversations at the technical level in the next few days, after a jointly agreed road map destined to end a commercial agreement.
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Previously, the Federal Government decided to initiate conversations with the Trump administration with respect to the 29% rate imposed on Pakistani products by the United States, said Express News.
The sources said that the Government has begun to formulate a strategy to address the impact of the additional rate and explore the possibility of reducing it through discussions with US authorities.
In this sense, a crucial meeting was held at the Ministry of Commerce under the presidency of the Federal Minister of Commerce, Jam Kamal Khan.
The meeting, which included more than fifty key exporters, importers and interested parties, focused on the possible effects of the 29%rate, particularly on Pakistan’s textile exports.
The session analyzed how the new US rates could negatively affect the textile sector of Pakistan, which forms the largest part of the country’s exports to the United States.
Pakistan average exports to the US. UU. Exceed $ 5.5 billion annually, with textiles that represent a significant participation.
In addition, Senator Aurengzeb, reiterated the unwavering commitment of Pakistan to promote regional economic cooperation in the finance ministers of the Shanghai Cooperation Organization (SCO) and the governors of the Central Bank that meet in Beijing on Tuesday.
The virtual management highlighted the continuous dedication of Pakistan to advance economic stability, prosperity and development within the SCO framework.
Senator Aurengzeb reaffirmed the active role of Pakistan within the SCO, underlining its importance as a vital platform to improve economic ties between member states.
Aurengzeb also expressed his gratitude to China for organizing the high -level meeting and emphasizing Pakistan’s support for proposals aimed at promoting joint projects, technology transfer and capacity construction programs.
