Aurangeb heads to US for trade and investment discussions
Finance Minister Muhammad Aurangzeb has arrived in Washington on a three-day official visit and is anticipated to hold talks with US authorities on trade, investment, finance and broader economic cooperation.
Pakistan and the United States will restart talks Monday to boost economic ties between the two countries. Aurangzeb is due to see officials from the Office of the United States Trade Representative (USTR), the US Export-Import Bank, the US International Development Finance Corporation (DFC) and the International Monetary Fund (IMF) during his visit.
Talks will concentrate on a framework of a potential bilateral trade pact to boost trade and investment between the two countries. Tariffs, market access, investment opportunities and broader economic cooperation are scheduled to be discussed at talks.
The meetings with the US Export-Import Bank and DFC will also cover funding prospects for infrastructure, energy and private sector investment projects in Pakistan.
Aurangzeb’s visit comes as Washington and Islamabad resume talks over US tariffs on Pakistani exports. A visit to Washington by a Pakistani delegation earlier this month has resulted in the planned tariff rate being lowered from 29% to 19%.
The tariff structure has been altered by a US Supreme Court case that overturned duties imposed under the International Emergency Economic Powers Act (IEEPA). The US administration then put in place a temporary 10% global duty under Section 122 of the Trade Act, which expires July 24.
Pakistan is also among roughly 60 nations being probed by USTR under Section 301 over suspected forced labour and associated trade violations. Ahead of the latest round of negotiations, Islamabad has filed detailed responses and a supplementary submission.
Besides the tariff problems, the two sides are also scheduled to discuss ways to boost bilateral commerce and attract more investment.
Earlier this year, Aurangzeb visited Washington for the IMF and World Bank Spring Meetings, where he discussed Pakistan’s economic reform agenda, macroeconomic stability and plans to return to international capital markets through Panda Bonds and Eurobonds with international financial institutions, investors and US officials.