Finance Minister Muhammad Aurangzeb on Thursday described the recently concluded trade deal between Pakistan and the United States as a “win-win” for both nations.
The agreement was finalised after a constructive round of talks between Pakistan’s Finance Minister and US Secretary of Commerce Howard Lutnick, along with United States Trade Representative Ambassador Jamieson Greer, in Washington, D.C.
In a video message, Aurangzeb said, “Today marks the culmination of the journey that we started a few months ago.” He highlighted that both sides engaged in fruitful discussions, which resulted in the finalization of the deal. Pakistan’s Ambassador to the US, Rizwan Saeed Sheikh, and Secretary of Commerce Jawad Paul were also present during the meeting.
The finance minister emphasized that the deal goes beyond just trade, stating that both trade and investment need to go hand in hand. He commended his economic team and the private sector’s role in bringing the agreement to fruition. Aurangzeb also mentioned that several investment opportunities were discussed, particularly in energy, minerals, IT, and emerging sectors.
The deal follows a statement by US President Donald Trump, who announced on social media that the US and Pakistan had reached an agreement to develop Pakistan’s oil reserves. Trump noted that an oil company would soon be chosen to lead the partnership, potentially allowing Pakistan to sell oil to other countries, including India.
This agreement comes after Pakistan faced a potential 29% tariff on exports to the US, a measure announced in April but temporarily suspended to allow for negotiations. US goods trade with Pakistan was estimated at $7.3 billion in 2024, a slight increase from 2023. However, the US trade deficit with Pakistan stood at $3 billion in 2024.
