Islamabad: Pakistan has decided to send a high-level delegation to the United States to further promote trade relations and negotiate tariffs. It was announced during a meeting of the Economic Advisory Council held in Islamabad with Prime Minister Shehbaz Sharif in the chair.
According to Radio Pakistan, the Prime Minister stated that the delegation would include leading Pakistani businessmen and exporters. Emphasizing industrial growth as the government's top priority, he explained that this initiative would increase employment opportunities in the country. The Prime Minister highlighted that reducing the cost of industrial production through lower electricity prices would enhance both production and exports, enabling Pakistani products to compete internationally.
Shehbaz Sharif credited the government's economic team for successfully negotiating with the International Monetary Fund, leading to a reduction in electricity prices. He noted that economic stability, reduced inflation, a significant drop in interest rates, increased confidence in international institutions, and investments from friendly countries are the results of the economic team's hard work.
The Prime Minister also mentioned that business and investment are being facilitated through reforms such as information technology and the digitization of the tax system. He expressed hope for achieving Sustainable Development Goals through a comprehensive consultative process, with suggestions being sought from experts to further improve the economy.
Participants of the meeting provided suggestions on the future course of action for the development of the country's economy, particularly in terms of increasing exports. They commended the Prime Minister for the significant reduction in electricity prices provided to industries by the government. Participants also welcomed the Mineral Investment Forum held recently, describing it as an important milestone for the development of the country's mining sector.
Further recommendations included focusing on value addition and export of finished products rather than raw materials, strengthening communication infrastructure for goods transportation, aligning workforce skills with international standards, promoting Pakistani goods through embassies abroad, establishing export promotional councils, and improving facilities in special economic zones and industrial areas.
Participants praised Pakistan's decision to send a high-level delegation to the United States to discuss the issue of recent tariff implementation by the US Administration. Prime Minister Shehbaz Sharif directed the government economic team to formulate and submit a workable action plan based on council members' proposals. He also instructed the formation of separate sub-committees under the Economic Advisory Council to compile actionable proposals for various sectors.