zeeshan khan
The Ministry of Commerce (MoC) has started examining trade tactics, including potential tariff concessions and rewards for the US, in order to lessen the expected impact on Pakistan’s exports as the US, under President Donald Trump, slaps a 29% tariff on Pakistani goods.
Sources claim that in anticipation of anticipated talks with American colleagues, the ministry’s Tariff Wing and other pertinent agencies are now evaluating the trade relationship between Pakistan and the US. The administration wants to lessen the impact on Pakistan’s export industry by persuading the US to lower the additional taxes.
The Trump administration has defended the action by pointing to larger initiatives to promote American-produced goods and correct trade imbalances. In reaction, Pakistani officials are additionally looking into any current obstacles that could block purchases from the US, communicating that they are prepared to offer mutually beneficial facilitation of trade.
Read More: Top 10 Billionaires Who Lost the Most in the Tariff War
According to shareholders, Pakistan may still be able to increase its market share by surpassing rivals with even higher prices in spite of the tariff increases.
On Monday, Federal Minister for Commerce Jam Kamal Khan presided over a crucial consultative meeting at the Ministry of Commerce where stakeholders deliberated on strategic alternatives. More than fifty leading importers and exporters, as well as representatives from important industries including textiles, clothing, leather, surgical instruments, services, agriculture, and footwear, joined the conference.
Insiders claim that in order to streamline bilateral commerce, the exporters have also recommended that the ministry consider counter-tariff actions or investigate boosting imports from the US. One of the main demands in the bilateral negotiations must be this.
The new duties are anticipated to have the greatest impact on Pakistan’s textile industry, which accounts for the majority of the nation’s $5.5 billion in yearly exports to the US.
Minister Jam Kamal Khan stated, “The Ministry is hard at work creating an extensive reaction strategy, and we’re committed to achieving a mutually beneficial outcome.” He underlined the value of cooperation and gave exporters the assurance that the government will fully assist them.
The MoC emphasized the value of public-private partnerships in a statement released on Monday, pointing out that ambassadors and trade officers in the US maintain constant communication with the appropriate US officials to promote Pakistan’s interests.
The occurrence has also drawn the attention of Prime Minister Shehbaz Sharif, who established an advisory board and high-level working group headed by Finance Minister Muhammad Aurangzeb to plan a national reaction.
Many people in Islamabad were taken aback by President Donald Trump’s choice to impose new tariffs on 60 countries, particularly since Pakistan is not one of the nations with whom the US has a large trade imbalance. Pakistani authorities pointed out that Islamabad is ranked 33rd on the US trade deficit list and that the US currently keeps a higher commerce-weighted average tariff than Pakistan.
Business executives praised the ministry’s initiative, valuing the inclusive discussion and the guarantee of well-coordinated government assistance. In order to develop a strong and proactive trade policy, Minister Khan asked business leaders for their opinions at the meeting.
The business sector expressed renewed faith in the ministry’s efforts to safeguard domestic trade interests and negotiate the changing international trade environment as the session came to a close.
