ISLAMABAD: Finance Minister Muhammad Aurangzeb announced an initiative to fortify the strategic partnership between Pakistan and the United States. Speaking in Islamabad, Aurangzeb highlighted recent discussions with U.S. Commerce Secretary Howard Lutnick as pivotal to advancing economic relations.

Aurangzeb, addressing attendees at a local event, emphasized that both nations are on a positive trajectory. He underscored the government’s commitment to continuing reforms in sectors such as taxation and energy, aiming to foster a competitive economy through tariff adjustments.

The Finance Minister introduced the Defined Contribution Pension Scheme as a mutually beneficial reform for the government and employees, noting a seven percent increase in pensions to align with inflation. Additionally, a proposed five percent tax on pensions exceeding ten million rupees seeks to protect low and middle-income retirees.

In a recent virtual meeting, Aurangzeb and Lutnick agreed to expedite negotiations on reciprocal tariffs, setting a goal to finalize a trade deal promptly. The conversation centered on bolstering trade and investment ties, with further technical discussions scheduled to follow an agreed roadmap.