The Minister of Finance, Muhammad Aurengzeb, said Tuesday that Pakistan and the United States will continue to strengthen their economic association since both parties agreed to advance in negotiations on reciprocal tariffs through a constructive commitment, administered by the State Pakistan radio reported.
Pakistan faces a possible 29 percent tariff on their exports to the US.
While talking today at an event in Islamabad, Aurengzeb said he had a constructive and positive conversation with the United States Secretary of Commerce, Howard Lutnick, last night. He said both countries are moving in the right direction.
“The Government will follow the course of taxes in taxes, energy and other sectors,” he said. “We have also carried out tariff reforms to move towards the competitive economy.”
Aurengzeb continued that both parties agreed to advance in negotiations on reciprocal tariffs through constructive commitment, with the aim of ending the trade agreement as soon as possible.
Discussions focused on significant commitment to trade, investment and strengthening of mutually beneficial economic ties, he said.
“Both parties also agreed that more discussions would be carried out at the technical level in the next few days, after a mutually agreed road map,” added the Minister of Finance.
Regarding pension reforms, the Minister of Finance said that the defined contribution pension plan is a “mutual benefit” for both the government and employees.
In June of last year, the Cabinet Economic Coordination Committee (ECC) approved important changes in the Federal Government’s pension system. The Ministry of Finance said that federal government employees would contribute to 10 percent of their basic salary, while the government would contribute 20 percent.
In today’s event, Aurengzeb said that the government has increased the pension of retired employees by 7 percent in line with inflationary trends.
“We have also proposed a 5 -piece tax on pensions greater than RS10 million while protecting low and medium income pensioners,” he said.
Two important visits from Pakistan to the United States, one from the Vice Prime Minister and Minister of Foreign Affairs, Ishaq Dar and the other for a commercial delegation, which expired this week postponed due to the ongoing conflict in the Middle East, official sources said. Sunrise Earlier this week.
The three -day visit would be the last of a series of high -level exchanges between Islamabad and Washington in the middle of a fragile regional security climate after the military confrontation last month between India and Pakistan.
