Pakistan finance minister says China and the U.S. are Islamabad’s ‘essential and strategic allies’

Countries around the globe had been feeling the drive of price lists imposed on their exports to the U.S., in addition to the business tensions between the sector’s biggest superpowers.

Pakistan is not any exception.

U.S. President Donald Trump had imposed a 29% accountability on all exports from the South Asian nation to the U.S. on April 2. He has since reduced the obligation to 10%, as a part of his 90-day pause on price lists imposed on some nations and items.

The weighted moderate tariff on U.S. exports to Pakistan is round 7%, Pakistan’s Federal Minister for Finance & Revenue, Muhammad Aurangzeb says. Conversely, the weighted moderate tariff on U.S.’ imports from Pakistan is round 10%, he famous.

“We export a little over $5 billion (and) import roughly $2 billion plus,” Aurangzeb instructed CNBC at the sidelines of the IMF-World Bank Spring Meetings.

He added that Pakistan is now taking a look to interact with the U.S. to “close this gap.”

The nation’s imports from the U.S. come with “high quality cotton,” in addition to different agriculture commodities comparable to soy beans, the minister famous. Going ahead, he reckons that business between each nations may come with metals comparable to copper, which Pakistan produces.

“From Pakistan’s perspective, the U.S. has been a very strategic partner – one of our largest trading partners. Therefore, we want to, very constructively engage with the U.S.,” Aurangzeb stated.

A key challenge within the initiative is the China-Pakistan Economic Corridor which has noticed China making an investment over $65 billion in Pakistan, together with within the Gwadar port which gives China’s western Xinjiang area a gateway to the Arabian Sea.