Pakistan says trade talks with US to conclude next week

Pakistan and the U.S. have resolved to conclude trade talks next week, the South Asian nation said on Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and U.S. Commerce Secretary Howard Lutnick.

The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan’s efforts to avoid steep U.S. duties on exports.

“Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week,” Pakistan's finance ministry said in a statement, adding that a longer-term strategic and investment partnership is also under discussion.

Pakistan faces a 29% tariff on exports to the U.S. under President Donald Trump’s measures to target countries with large trade surpluses with the U.S.

Pakistan’s surplus was around $3 billion in 2024.

To offset the imbalance and ease tariff pressures, Islamabad has offered to import more U.S. goods, including crude oil, and to open up investment opportunities through concessions for U.S. firms in Pakistan's mining sector.

Earlier this week, the two countries co-hosted a webinar promoting investment in Pakistan’s mineral sector, including the $7 billion Reko Diq copper-gold project.

Senior officials from both governments and U.S. investors discussed public-private partnerships and regulatory reforms.

The U.S. Export-Import Bank is reviewing financing proposals worth $500 million to $1 billion in Reko Diq.

Trump, who hosted Pakistan's army chief Field Marshal Asim Munir at the White House last week, has earlier said trade helped avert a deeper conflict between Pakistan and India.