The U.S. President’s decision to lower tariffs on Pakistan compared to the past is certainly a breath of fresh air for Pakistan’s struggling economy. With 60% of Pakistan’s textile exports going to the U.S. market, the country now has a rare opportunity to increase its exports and strengthen its trade position. Listen to Muhammad Asif, President of the Australia-Pakistan Chamber of Trade and Commerce, in this podcast.
Muhammad Asif, President of the Australia-Pakistan Chamber of Trade and Commerce, says, U.S. President Donald Trump’s new trade agreements with various countries are based on strict conditions, aimed at protecting the American economy and reducing reliance on foreign products. However, within these deals, Pakistan and Australia have received relatively favourable terms, which experts consider a positive development for both nations. Pakistan, which relies heavily on exports to support its economy, now has an opportunity to boost its trade volume.
Australia has also managed to secure a strong trade position in these negotiations. With reduced tariff rates, Australian agricultural and mineral exports are expected to gain better access to the U.S. market, which could prove advantageous for its economy.
