Positive Progress in Pakistan-US Trade Talks After Field Marshal Asim Munir Visit: Bloomberg

Bloomberg has reported encouraging progress in trade negotiations between Pakistan and the United States following a high-profile visit by Pakistan’s Field Marshal  General Asim Munir.

According to the report, last month U.S. President Joe Biden gave a rare and warm welcome to General Asim Munir at the White House. Following the visit, Pakistan even recommended former U.S. President Donald Trump for the Nobel Peace Prize.

The report also mentioned that in April, Pakistan signed a Memorandum of Understanding (MoU) with Trump family’s firm, World Liberty Financial.

Trade Talks Moving Forward
Bloomberg noted that the visit helped boost discussions between both nations. Relations between Pakistan and Washington are reportedly improving, with promising signs for future cooperation.

Pakistan’s Finance Minister Muhammad Aurangzeb is currently in the U.S. and actively engaged in finalizing a trade deal before the August deadline. Earlier, the U.S. had given Pakistan a detailed list of conditions, including the removal of tariffs and non-tariff barriers.

The Finance Ministry has confirmed progress, stating that Pakistan hopes to gain relief from existing high tariffs. The country initially aimed to finalize the deal by early July, but negotiations have been slower than expected.

Focus on Reducing Tariffs and Boosting Trade
According to Bloomberg, Pakistan is working to reduce its $3 billion trade deficit with the U.S. and is seeking a 29% reduction in tariffs on key exports.

The U.S. remains Pakistan’s largest export market. Pakistan is also the second-largest buyer of American cotton in South Asia, after China. In return, Pakistan has offered to increase imports of U.S. cotton and soybeans.