Business
Pakistan, US agree to conclude reciprocal trade framework shortly
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Wednesday held a meeting with United States Trade Representative (USTR) Ambassador Jamieson Greer to review progress on the ongoing negotiations aimed at strengthening bilateral trade and economic cooperation between the two countries.
Recalling the recent discussions in Washington, DC, the finance minister welcomed the steady progress made by the respective negotiating teams and appreciated the constructive engagement that has characterized the dialogue over the time.
Both sides noted that negotiations on the proposed reciprocal trade framework have advanced significantly and reaffirmed their shared commitment to concluding the agreement at the earliest.
During the meeting, the finance minister highlighted the importance of maintaining the momentum of negotiations in view of Pakistan’s economic priorities. He emphasized that a strengthened trade and investment partnership with the United States would contribute to Pakistan’s export-led growth strategy, support economic resilience, and create greater commercial opportunities for businesses in both countries. He also underscored the importance of continued collaboration with the U.S. Export-Import Bank (EXIM) to facilitate bilateral trade and investment.
Ambassador Greer acknowledged Pakistan’s continued engagement throughout the negotiations and appreciated the progress made on labour and regulatory reforms, including measures relating to forced labour compliance. He reaffirmed the United States’ commitment to sustaining the positive trajectory of bilateral trade discussions and expressed confidence that the remaining issues could be resolved through continued technical engagement.
FinMin Aurangzeb emphasized the importance of maintaining close coordination and accelerating technical-level discussions to build on the progress already achieved. Both sides expressed satisfaction with the progress achieved and agreed to continue working closely to finalize the remaining elements of the framework and agreed to continue regular engagement with a view to concluding the reciprocal trade framework soon, further strengthening the longstanding economic partnership between Pakistan and the United States.
The meeting was also attended by Federal Secretary for Commerce, Jawad Paul, and senior team members of the Office of the United States Trade Representative (USTR).
Pakistan Stock Market began the third day of the business week by getting back the 180,000-point threshold, with the benchmark KSE-100 Index adding almost 1,000 points.
The stock market opened on a strong note with the KSE-100 Index gaining over 1,000 points to hit 180,863 points.
The development came a day after the benchmark index ended lower. The KSE-100 Index ended the previous trading session with a fall of 1,463 points to close at 179,846 points.
A Rs25,000 penalty has been proposed for traders who file their income tax returns after September 30 under the proposed easy tax scheme for traders.
According to sources, Prime Minister Shehbaz Sharif will introduce the easy tax scheme for traders and a new income tax return form for the current fiscal year on August 14.
Sources said a special facility has been proposed for traders who submit their income tax returns on time by September 30. Traders who file their returns within the deadline would be exempted from the registration fee for the easy tax scheme.
According to sources, a Rs25,000 registration fee and a Rs25,000 penalty have been proposed for traders who file their returns after September 30. Traders who submit their returns on time would also be provided with a registration plate worth Rs25,000.
Under the proposed scheme, separate income tax return forms are also proposed for business individuals and individual taxpayers.
Sources said the new form for income tax returns for the current fiscal year will be launched on August 14, with the aim of making the process of filing tax returns easier for traders.
It is pertinent to note that the details regarding the proposed penalties and incentives have been described as proposals from sources, while the final rules will take effect after the relevant government notification is issued.
Pakistan has announced new gasoline rates, in which petrol price has decreased by Rs 1.70 per litre while high speed diesel (HSD) price has increased by Rs 1.39 per litre.
The Petroleum Division said in a news release Tuesday that the new revised rates will come into effect from August 12, 2026. The amendments were introduced by the Oil and Gas Regulatory Authority (OGRA) under the revamped petroleum price structure of the federal government.
The price of motor spirit, widely known as petrol, has been decreased from Rs327.62 to Rs325.92 a litre, a reduction of Rs1.70.
In contrast, the high-speed diesel price has been hiked by Rs1.39 to Rs382.25 a litre from Rs380.86.
OGRA has amended the ex-depot prices of petroleum products in line with the revised pricing structure given by the federal government, the Petroleum Division said.
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