Islamabad: Pakistan Wednesday decided to send a high-level delegation to the United States to hold talks on trade promotion and new tariffs, the prime minister’s office said.
Chairing a review meeting on increasing the country’s exports and the tariffs imposed by the US on imports, Prime Minister Shehbaz Sharif directed that prominent business personalities and exporters be included in the delegation, state-run Radio Pakistan reported, citing a statement issued by his office.
The delegation was tasked by the Prime Minister to determine a mutually beneficial course of action for the future following negotiations on new tariffs imposed by the United States on imports.
Shehbaz said that Pakistan’s trade relations with the United States span decades, and the government is keen to strengthen this trade partnership.
The decision comes after last week’s announcement by the US to impose a 29 per cent duty on goods from Pakistan in response to a 58 per cent tariff on US products charged by Pakistan.
Shehbaz had constituted two separate committees to tackle the fallout of the tariffs.
Officials said that the Premier was briefed on the findings of the 12-member steering committee, and various options were discussed to address the situation. The meeting was also informed that Pakistan’s embassy in Washington was in touch with the US administration.
Shehbaz reiterated that Pakistan values its decades-old trade ties with the US and emphasised that the delegation must ensure all relevant business leaders and exporters are part of the dialogue process.
The US is Pakistan’s largest single-country export market with about $6 billion in annual exports, while Pakistan’s imports from the US are about $1.5 billion.
Its exports will now face a 39 per cent tariff, comprising a 10 per cent baseline import duty and a 29 per cent reciprocal tariff, a senior Commerce Ministry official said.
However, despite tariff hype, it is believed that the cost of the US decision would be limited to up to $700 million due to limited bilateral trade.
Earlier, a US delegation met Shehbaz on the sidelines of the Pakistan Minerals Investment Forum Tuesday. The delegation led by the Senior Bureau official and Acting Assistant Secretary of the Bureau of South and Central Asian Affairs, Eric Meyer, attended the forum.
The prime minister reiterated his government’s wish to work with President Donald Trump.
PTI
