US Lowers Tariff on Pakistani Exports Boosting Bilateral Trade Prospects
The US has reduced its tariff on Pakistani exports from 29% to 19%, a move hailed as 'balanced and forward-looking' by Pakistan. The revision boosts Pakistan's export potential, especially in textiles, and signals strengthening economic ties. The trade deal was finalized in Washington, fostering further collaboration between the two nations.
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The United States has announced a 19 percent tariff on Pakistani exports, lowering it from the previous 29 percent, a move that is expected to enhance Pakistan's competitiveness in the American market. Pakistan's Ministry of Foreign Affairs welcomed the 'successful conclusion' of discussions with the US.
The revised tariff is anticipated to bolster Pakistan's export potential, particularly in the textile sector, which is crucial to the country's economy. Pakistan's exports to the US saw an 11.06 percent increase in the past fiscal year, indicating strong trade relations between the two countries.
The Ministry also highlighted potential growth opportunities in other sectors and expressed optimism about further economic collaboration with the United States. The finalized trade deal is seen as a strategic deepening of economic ties, indicating mutual prosperity goals between the two nations.
(With inputs from agencies.)
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