Minister of State for Finance Bilal Azhar Kayani said Pakistan has secured the lowest tariff rate in South Asia—19 per cent—following a trade agreement with the United States, a move expected to boost exports.
The minister, Thursday, told the National Assembly during question hour that the 19 per cent tariff rate offered to Pakistan is the lowest in the South Asian region. He said that bilateral relations with the United States (US) have strengthened as a result of government’s efforts.
He highlighted that “the agreement comes at a time when many had not anticipated such progress in Pakistan-US relations.”
US cuts Pakistan tariff to 19% from 29% after trade deal
“At a time when cipher conspiracies were being floated, no one expected a deal like this with the US. Even the opposition will have to acknowledge that despite numerous challenges, our trade ties with the US have improved,” he remarked.
He accused the opposition of hoping for deteriorating ties with Washington and pushing the country towards default. However, he credited Prime Minister Shehbaz Sharif’s efforts for steering diplomatic relations in a positive direction.
He also pointed to the high-level engagements that contributed to the breakthrough, including a meeting between Chief of Army Staff Field Marshal Asim Munir and US President Donald Trump, as well as discussions held by Deputy Prime Minister Ishaq Dar with senior American officials.
He said “this trade deal is the outcome of coordinated efforts by key government leaders.”
He noted that the government was working to lower energy tariffs, with a new energy policy on the horizon. “We hope that the government’s initiatives will lead to a reduction in production costs and make Pakistani exports more competitive,” he added.
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