In a landmark move that is anticipated to provide much-needed support to the nation’s commerce sector, the United States lowers taxes on Pakistani exports from 29% to 19%.
There are expectations of greater access to the US market because, according to the Ministry of Commerce, this is the lowest tariff rate granted to any South Asian nation. Additionally, it refuted claims that the price would cost Pakistan $1 billion.
The explanation was made in the midst of rumors that trade taxes had cost Pakistan money. However, in a formal statement to the National Assembly, the government vehemently refuted these allegations.
