Pakistan, US move closer to finalising reciprocal trade framework

Pakistan and the United States have reaffirmed their commitment to finalising a reciprocal trade framework at the earliest, signalling significant progress in negotiations aimed at strengthening bilateral trade, investment, and long-term economic cooperation.

The renewed commitment was expressed during a virtual meeting held on Wednesday between Pakistan’s Finance Minister Muhammad Aurangzeb and United States Trade Representative (USTR) Ambassador Jamieson Greer. The two sides reviewed the progress made by their negotiating teams and discussed the remaining steps required to conclude the proposed agreement.

According to an official statement, both countries acknowledged that negotiations have advanced substantially in recent months and reiterated their shared determination to complete the reciprocal trade framework as soon as possible.

During the meeting, Finance Minister Muhammad Aurangzeb referred to the recent discussions held in Washington, D.C., and appreciated the constructive approach adopted by both negotiating teams. He said the steady progress reflects the mutual commitment of Pakistan and the United States to deepen economic ties and expand commercial cooperation.

The finance minister stressed that maintaining the current momentum in negotiations is crucial for Pakistan’s broader economic agenda. He noted that a stronger trade and investment partnership with the United States would support Pakistan’s export-led growth strategy, improve economic resilience, attract foreign investment, and create new business opportunities for companies in both countries.

Aurangzeb also highlighted the importance of continued collaboration with the US Export-Import Bank (EXIM Bank), saying enhanced financial cooperation could facilitate trade, encourage investment, and strengthen business-to-business engagement between the two countries.

On the US side, Ambassador Jamieson Greer acknowledged Pakistan’s consistent engagement throughout the negotiation process and appreciated the progress achieved on key labour and regulatory reforms. He particularly welcomed Pakistan’s efforts to strengthen compliance with international labour standards, including measures related to preventing forced labour.

The US trade representative reaffirmed Washington’s commitment to advancing bilateral trade discussions and expressed confidence that the remaining issues could be resolved through continued technical-level consultations between the two sides.

Finance Minister Aurangzeb emphasised the need for close coordination between officials from both countries and called for accelerated technical discussions to build on the progress already achieved. He said timely completion of the agreement would open new avenues for economic cooperation and strengthen long-term bilateral relations.

Both delegations expressed satisfaction over the pace of negotiations and agreed to continue regular engagement to finalise the outstanding elements of the reciprocal trade framework. The officials reaffirmed their shared objective of concluding the agreement in the near future, paving the way for stronger trade, investment, and economic collaboration between Pakistan and the United States.