Important details of the trade agreement reached between Pakistan and the United States have come to light as the points of the trade agreement between the two countries were presented in the National Assembly.
The Ministry of Commerce presented the important points of the Pak-US trade agreement in the House. The Ministry of Commerce said that the United States has shown interest in investing in the minerals sector.
The United States has imposed a 50 percent tax on copper, iron, steel, and aluminum imports. The United States has exempted refined copper from a 50 percent tax.
The Ministry of Commerce said that exporting refined copper to the United States would be beneficial for Pakistan. Pakistan is the fifth largest country in the world in terms of copper reserves. Pakistan will be introduced as a reliable supplier of minerals globally. The working group and steering committee of the Government of Pakistan have spoken to the United States.
The Ministry of Commerce said that the steering committee headed by the Finance Minister has formulated a three-point strategy. The steering committee’s strategy aims to reduce the impact on Pakistani exports. Pakistan will increase imports to reduce the US trade deficit.
The Ministry of Commerce said that the governments of Pakistan and the US will discuss taxes on products. Pakistani products with low taxes will be given better access to US markets. Non-tariff barriers will be reviewed and eliminated or softened.
According to the Ministry of Commerce, a framework has been agreed upon between Pakistan and the US. The US has reduced taxes on Pakistani exports from 29 to 19 percent.
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