Summary of the Article: Pakistan‘s Copper Potential and Trade Negotiations with the US
This article details Pakistan’s critically important copper reserves and the government’s plans to capitalize on them, alongside successful negotiations with the US regarding tariffs. Here’s a breakdown of the key points:
Vast copper Reserves: Pakistan holds the fifth-largest copper reserves globally, a resource that could significantly improve the country’s trade balance. However, a lack of investment in infrastructure and processing capabilities has hindered its full potential.
Current Situation: Currently, Pakistan primarily exports raw copper ore to China, missing out on more profitable markets in the US, Europe, and the Middle East.
Government Strategy: The government, with US investment and support, is focusing on:
Geological Mapping: Tasking the Geological Survey of Pakistan to identify untapped reserves.
Infrastructure development: Streamlining regulations and improving infrastructure (roads, power supply) to attract private investment. Technological Advancement: Investing in advanced technologies for exploration and extraction.
Value-Added Exports: Shifting from exporting raw ore to refined copper, bars, rods, and alloys. Future Demand: Global demand for copper is expected to increase due to its importance in renewable energy and electric vehicles. Pakistan aims to become a reliable supplier and contribute to alleviating global shortages.
* US Tariff Negotiations: Pakistan successfully negotiated with the US to reduce reciprocal tariffs on its exports from 29% to 19%, the lowest rate among its competitors in the US market.This is expected to boost Pakistani exports, notably in the textile sector.In essence, the article highlights Pakistan’s ambition to transform its mining sector, leverage its copper wealth, and strengthen its trade relationship with the US.
