Washington (TDI): Finance Minister Muhammad Aurangzeb has said that Pakistan’s abundant mineral resources could play a vital role in addressing the trade imbalance with the United States, as the two nations prepare for trade talks next month.
Speaking at the Atlantic Council think tank in Washington, Aurangzeb downplayed the importance of the new US tariffs, emphasizing that the core concern was the persistent “trade imbalance “.
He further said that the US-Pakistan negotiations in Washington in May will focus on addressing trade imbalances and US tariffs.
He added that the upcoming discussions would offer a valuable opportunity for both sides to engage constructively on a array of issues.
The Finance Minister indicated that Islamabad was ready to address the trade imbalance with Washington, which stood at $3 billion.
He mentioned the minerals conference organized in Islamabad earlier this month, which was attended by a high-level American delegation.
Aurangzeb noted that the minerals sector holds the potential to create a win-win scenario for both countries and could play a key role in addressing the trade imbalance.
He said that copper was an important component in meeting world technological needs and stressed Pakistan’s potential role in addressing the global shortage of these precious minerals.
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He added that Washington is especially interested in rare earth minerals, Pakistan has considerable resources to contribute in this area.
Aurangzeb stated that Islamabad was “looking beyond tariff discussions” in its discussions with Washington, aiming for broader and more strategic cooperation.
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He underlined reforms being implemented by Pakistan’s government to expand the tax base, including the Federal Board of Revenue (FBR) digitalization, increasing provincial tax collections and the first-ever legislation by provinces to tax farm income.
