People wave flags and celebrate at a national day rally during the country's 69th Independence Day in Peshawar, Pakistan, August 14, 2015. REUTERS/Khuram Parvez
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The delegation, led by Federal Minister for Commerce Jam Kamal Khan, will include senior officials from the Ministries of Commerce, Finance, and Foreign Office.
According to ARY News, the delegation is likely to depart within a day or two.
The delegation aims to negotiate a reduction in the proposed US tariffs, eradicate non-tariff barriers, and enhance trade between the two nations. Earlier, Pakistani exports had an average US tariff rate of 9.9%, but recently, Washington increased duties to 10% for 90 days, with a planned 29% tariff to take effect afterward, ARY News said.
The delegation will highlight the USD 3 billion trade deficit that the US faces in its trade with Pakistan and suggest measures to mitigate the impact of the Trump tariffs.
According to sources, Pakistan will push for a reduction in tariffs by 9 per cent for every USD 1 billion decline in the trade deficit.
According to recent reports, PM Shehbaz Sharif has assigned the delegation the task of securing a fair-trade framework with the US.
The Pakistani government is aggressively appealing to Washington officials to negotiate a long-term trade strategy.
Earlier, in an interview with Bloomberg News, Finance Minister Muhammad Aurangzeb explained, “It’s a bigger canvas that we are looking at in terms of engaging the US. We will constructively engage, and we will have a formal delegation coming in.”
Aurangzeb was in the US to participate in the Spring Meetings of the International Monetary Fund and the World Bank. (ANI)
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