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Muhammad Akib | Moment | Gets the image
Countries around the world feel the pressure of tariffs that have been exported to the United States, as well as trade tensions between the largest superpowers in the world.
Pakistan is no exception.
US President Donald Trump has imposed 29% of duty on all exports from South Asian country In the USA on April 2. Since then he reduced his duty to 10%as part of his 90-day pause on tariffs imposed on some countries and goods.
The average weighted US export tariff to Pakistan is about 7%, Federal Finance and Pakistan’s Revenue, says Muhammad Avranzeb. Conversely, the average weighted US import tariff from Pakistan is about 10%, he noted.
“We export just over $ 5 billion (and) importing about $ 2 billion plus,” Avranzeb said at CNBC on the sidelines of the IMF Bank.
He added that Pakistan is now seeking to interact with the US to “close this gap”.
The country’s imports include “high quality cotton”, as well as other agricultural goods such as soy beans, the minister noted. Going forward, he believes that trading both countries may include metals such as Pakistan’s copper.
“From Pakistan’s point of view, the US was a very strategic partner – one of our largest trading partners. Therefore, we want to interact with the US very constructively,” Avranzeb said.
US or China?
Asked if Pakistan plans to turn to China more, the Finance Minister replied that the South Asian nation was not inclined to choose one country over the other.
“Where I sit and where the government is … Both are very important and strategic allies for Pakistan.”
Concerning China, Avranzeb noted that he has a “long -standing relationship” with Pakistan.
For example, Pakistan is actively working in a Chinese signature and road initiative, which provides for the construction of multi -billion dollar infrastructure projects in different countries.
A key project in the initiative is the economic corridor of China and Pakistan who has seen China is investing over $ 65 billion in Pakistan, including the Guadar port providing Chinese Western Xinjiang in the Arabian Sea region.
