Islamabad: Pakistan is set to dispatch a high-level delegation to the United States to engage in negotiations aimed at addressing tariff issues and enhancing bilateral trade relations, Prime Minister Muhammad Shehbaz Sharif announced on Wednesday. The delegation will comprise notable business leaders and exporters from Pakistan, as stated during a meeting of the Economic Advisory Council (EAC).
Prime Minister Sharif highlighted the successful efforts of his economic team in negotiating with the International Monetary Fund (IMF) to reduce electricity prices, which is expected to lower the production costs for the industrial sector and boost the country’s exports. He noted that reduced production costs would improve the competitiveness of Pakistani products in the global market, aligning with the government’s priority of promoting industrial development and creating employment opportunities.
Emphasizing the government’s commitment to sustainable development, Prime Minister Sharif mentioned ongoing reforms in the taxation system and the use of information technology to facilitate investment and business operations. He credited economic stability, reduced inflation, and decreased interest rates to the diligent work of the government’s economic team, alongside increased trust from international institutions and investments from allied nations.
During the EAC meeting, attended by key government figures and officials, participants presented recommendations for economic growth and export enhancement. They praised the reduction in electricity tariffs for industries and the recent Mineral Investment Forum’s role in advancing Pakistan’s mineral sector. Recommendations included focusing on value-added exports, strengthening infrastructure for goods transportation, aligning workforce skills with international standards, and improving the promotion of Pakistani goods abroad.
Participants also suggested comprehensive research on production stages and raw material sources to help Pakistani manufacturers compete globally and proposed banking sector reforms to facilitate exports. The decision to send a delegation to negotiate tariffs with the U.S. was widely commended, reflecting the council’s inclusive representation of various sectors.
Prime Minister Sharif directed the economic team to develop a practical action plan based on the council’s suggestions and instructed the formation of sub-committees within the EAC to propose actionable measures for different sectors.