Pakistan, US aim to conclude reciprocal trade agreement soon

Pakistan and the United States have reaffirmed their commitment to conclude a reciprocal trade framework at the earliest, with both sides saying negotiations have advanced significantly.

The development comes following a virtual meeting between Finance Minister Muhammad Aurangzeb and US Trade Representative Ambassador Jamieson Greer, held on Wednesday to review progress on the ongoing negotiations aimed at strengthening bilateral trade and economic cooperation between Pakistan and the United States.

Recalling the recent discussions in Washington, DC, the finance minister welcomed the steady progress made by the respective negotiating teams and appreciated the constructive engagement that has characterised the dialogue over time.

“Both sides noted that negotiations on the proposed reciprocal trade framework have advanced significantly and reaffirmed their shared commitment to concluding the agreement at the earliest,” read the statement.

During the meeting, Aurangzeb highlighted the importance of maintaining the momentum of negotiations in view of Pakistan’s economic priorities.

He emphasised that a strengthened trade and investment partnership with the United States would contribute to Pakistan’s export-led growth strategy, support economic resilience, and create greater commercial opportunities for businesses in both countries.

He also underscored the importance of continued collaboration with the US Export-Import Bank (EXIM) to facilitate bilateral trade and investment.

Ambassador Greer acknowledged Pakistan’s continued engagement throughout the negotiations and appreciated the progress made on labour and regulatory reforms, including measures relating to forced labour compliance.

He reaffirmed the United States’ commitment to sustaining the positive trajectory of bilateral trade discussions and expressed confidence that the remaining issues could be resolved through continued technical engagement.

Meanwhile, the finance minister emphasised the importance of maintaining close coordination and accelerating technical-level discussions to build on the progress already achieved.

Both sides expressed satisfaction with the progress achieved and agreed to continue working closely to finalise the remaining elements of the framework and agreed to continue regular engagement with a view to concluding the reciprocal trade framework soon.

The meeting was also attended by Federal Secretary for Commerce, Jawad Paul, and senior team members of the Office of the United States Trade Representative (USTR).