Latest news with #US-Pakistan
Express Tribune
11 hours ago
- Business
- Express Tribune
Cotton woes hurt textile exports
Listen to article Pakistan's textile exports — the country's largest export-earning sector and a crucial pillar for its trade balance — recorded a 2% year-on-year (YoY) decline in May 2025, totalling $1.53 billion compared to $1.55 billion in the same period last year. The drop was primarily driven by reduced shipments of cotton yarn, cotton cloth, bedwear, towels, and tents & canvas, which fell by 34% YoY, 22% YoY, 3% YoY, 11% YoY, and 11% YoY, respectively, according to data compiled by Taurus Securities. The textile exports, however, posted a strong month-on-month (MoM) recovery in May 2025, surging by 25% compared to April 2025, driven by improved shipments of cotton yarn, value-added textile products, and made-up articles such as art silk and other specialty textiles. According to a report by Taurus Securities, total textile exports during May 2025 reached $1.53 billion. Basic textile exports showed a noticeable fall on a yearly basis, totalling $181 million — a decline of 24% YoY. The slump mainly stemmed from reduced exports of raw cotton products such as yarn and cotton cloth. In contrast, value-added exports demonstrated resilience, posting a marginal 2% YoY increase to $1.2 billion, while other textile exports rose to $177 million. Cotton imports during the first eleven months of FY25 reached $1.18 billion, showing a substantial increase of 2.2 times compared to $370 million in the same period last year. The surge was triggered by a sharp 34% YoY decline in domestic cotton arrivals due to poor crop output. Despite this, local cotton prices remained relatively stable in May 2025 at Rs16,700 per maund, indicating that the market absorbed the supply shortfall without significant price volatility. Looking ahead, the outlook for cotton production in FY26 is optimistic. Analysts expect an increase in cultivation areas and average yields, aided by early sowing activities in Punjab. This anticipated rise in domestic cotton availability could reduce dependence on costly imports and restore balance to the local supply chain. The government's recent move to impose an 18% sales tax on imported cotton yarn under the FY26 budget is intended to bolster local yarn manufacturers. However, other critical raw materials like cotton remain exempt from sales tax and GST when supplied locally — a policy inconsistency that continues to squeeze domestic producers and distort market competitiveness. Meanwhile, the ongoing US-Pakistan trade negotiations are seen as a double-edged sword for the textile industry. While Pakistan has agreed to increase imports of US cotton to secure greater access to American markets for its finished textile products, this commitment may lead to added stress on local cotton growers and spinners by intensifying import reliance. The textile sector's mixed performance in May highlights the competing forces shaping Pakistan's largest export industry: strong global demand for value-added products versus domestic supply constraints in raw cotton. Taurus Securities suggested that a recovery in local cotton production, supportive policy adjustments, and successful trade talks with the US will be critical to sustaining export growth and preserving industry competitiveness in FY26.
Time of India
11 hours ago
- Business
- Time of India
Trump drops claim of brokering India-Pakistan peace
US President Donald Trump , for the first time, refrained from claiming credit for ending the recent India-Pakistan conflict, saying instead two 'very smart' leaders — Prime Minister Narendra Modi and Pakistan Army chief Asim Munir — had 'decided' not to pursue war. Speaking to reporters in the Oval Office after hosting Munir for lunch on Wednesday, Trump also said they discussed the Iran situation, indicating that the US and Pakistan could collaborate on Persian Gulf region matters amid escalating Iran-Israel conflict. 'The reason I had him here was I wanted to thank him for not going into the war (with India) and ending the war,' Trump said. 'I am so happy. Two smart people, two very smart people, decided not to keep going with the war. Those are two big nuclear powers.' Trump-Munir Meeting During a phone conversation with Trump on Tuesday, Modi made it clear that India has not accepted and will not accept any mediation in its dispute with Pakistan. Since May 10, when India and Pakistan agreed to stop the military conflict following India's Operation Sindoor strike, Trump has on multiple occasions claimed personal credit for brokering peace between the two nuclear power neighbours. India has maintained that the director generals of military operations (DGMOs) of India and Pakistan had reached an understanding to cease hostilities after Pakistan DGMO approached his Indian counterpart on May 10 and that no third party was involved. Live Events Wednesday marked the first meeting between a US president and the head of Pakistan's military in decades. It was held without accompanying senior civilian officials. Trump said he was 'honoured' to meet Munir. 'Prime minister Modi just left a little while ago, and we are working a trade deal with India,' he said. 'We are working a trade deal with Pakistan.' The Trump-Munir meeting has caused unease in India as it signals expansion of the US-Pakistan ties, with Washington overlooking New Delhi's contention that Islamabad sponsors cross-border terrorism. Trump, Munir Discuss Iran On discussing Iran with Munir, Trump said, 'They (Pakistan) know Iran very well…better than most, and they're not happy about anything. They see what's going on. And he agreed with me.' He did not elaborate. There have been reports that Pakistan may provide air space to the US military to strike Iran while many expected Munir to try to convince Trump not to enter Israel's war with Iran. On Monday, Pakistan's foreign minister Ishaq Dar had told parliament that Iran was willing to return to the negotiating table if Israel stopped further strikes. 'Our intention was always to see successful negotiations between the United States and Iran,' Dar had said, citing direct communication with his Iranian counterpart.
Time of India
11 hours ago
- Business
- Time of India
Honoured to meet Pak army chief Asim Munir, says Trump after their discussion
Two "very smart" leaders of India and Pakistan decided to end last month's conflict that could have turned into a nuclear war, US President Donald Trump said after holding a rare luncheon meeting with Pakistan army chief Field Marshal Asim Munir at the White House. Tired of too many ads? go ad free now "Those are two nuclear powers, big ones, big, big nuclear powers, and they decided that (to end the conflict)," Trump said. The comments were seen at variance with his claims over a dozen times in the last few weeks that he brokered the India-Pakistan "ceasefire deal". The unusual display of self-restraint by the US President in not squeezing himself in the frame immediately attracted attention in India because it followed PM Modi's Tuesday conversation with Trump, in which Modi had made plain that India would never let anyone meddle in its dealings with Pakistan. tnn & agencies In the telephonic conversation, Modi had also refuted Donald Trump's public claim that he had brandished the threat of not doing a trade deal to get India agree to suspend the conflict with Pakistan, and asserted that Islamabad sued for peace after severe damage to its nine strategically crucial airbases by the IAF. In his remarks to the media, Trump said he was "honoured" to meet Munir and that he discussed with the army chief the situation arising out of Iran-Israel conflict, amid speculation that Washington was looking at using Pakistani military bases in case it decides to launch attacks on Iran. Trump was effusive in lauding Modi, and referred to his telephonic conversation with the PM Tuesday night. In a statement, the Pakistani Army said the US President expressed keen interest in forging a "mutually beneficial" trade partnership with Pakistan based on long-term strategic convergence and shared interests. Trump was accompanied at the meeting by secretary of state Marco Rubio and US Special Representative for the Middle East Steve Witkoff. Munir was joined in by Pakistan national security adviser and spy agency ISI chief Lt Gen Asim Malik. Ahead of his meeting with Trump, Munir reportedly pitched for Nobel Peace Prize for the president for "preventing a nuclear war" between India and Pakistan. "The reason I had him here was that I want to thank him for not going into war (with India)... Tired of too many ads? go ad free now And, I want to thank PM Modi as well," Trump said. "We're working on a trade deal with India. We're working on a trade deal with Pakistan." Hours before hosting Munir, Trump claimed credit for ending the conflict but he did not repeat it in his media remarks after the meet. Asked if Iran was discussed in the meeting with Munir, Trump said: "Well, they know Iran very well, better than most..." "It's not that they're bad with Israel. They know them both, actually, but they probably, maybe they know Iran better, but they see what's going on, and he agreed with me," he said. The US-Pakistan trade partnership discussions, the Pakistan army said, encompassed avenues for expanding cooperation in domains such as economic development, mines and minerals, AI, energy, cryptocurrency and emerging technologies. It is rare for the US President to host a lunch for a foreign country's army chief. There have been precedents of Pakistan army chiefs, including Ayub Khan, Zia ul-Haq and Pervez Musharraf, receiving such invites. But they were holding the post of president as well.
Indian Express
13 hours ago
- Business
- Indian Express
As US eyes its airspace, Pakistan confirms: Trump, Munir had discussion on Iran
As anticipated by Delhi, US President Donald Trump and Pakistan Army chief Field Marshal Asim Munir had a 'detailed exchange of views' on the ongoing Israel-Iran conflict when they met over lunch at the White House. In a statement Thursday, the Pakistan Army said, 'A detailed exchange of views also took place on the prevailing tensions between Iran and Israel, with both leaders emphasising the importance of resolution of the conflict.' Asked if Iran was discussed with Munir, Trump said: 'Well, they know Iran very well, better than most, and they are not happy about anything.' 'It's not that they are bad with Israel. They know them both, actually, but they probably, maybe they know Iran better, but they see what's going on, and he agreed with me,' he said. In Islamabad, the Pakistan Army said the US President showed 'keen interest' in developing a mutually beneficial trade relationship with Pakistan on the basis of long-term strategic interests. According to Delhi's assessment, the US is enlisting Rawalpindi's support since it would want to use Pakistan's airspace, air bases and other infrastructure for launching any military offensive on Iran. This was the key focus of Trump's lunch with Munir which, according to sources, lasted for about two hours, and not one hour as scheduled. According to news agency Reuters, White House spokesperson Anna Kelly said Trump was hosting Munir after he called for the US President to be nominated for the Nobel Peace Prize for preventing a nuclear war between India and Pakistan. But sources indicated that the meeting was not arranged through routine diplomatic channels, and was the outcome of 'unorthodox efforts' by a group of advisers, businessmen and other influential figures. Sources said stronger counter-terrorism cooperation, engagement with crypto-linked influence networks, and targeted lobbying via Republican-aligned firms in Washington helped Pakistan secure the meeting. A source, who has been tracking the US-Pakistan relationship over decades, said, 'It is not rare but absolutely unprecedented for a military chief to be invited by a POTUS (President of the United States) for a meeting, let alone a meeting over a meal. All Pakistan military chiefs who visited the US and other capitals did so as Presidents.' In the past, US President George W Bush met Pakistan President General Pervez Musharraf in 2004. Munir's US visit began last Sunday and was his second since he took over as military chief in 2022. Trump was effusive about both Munir and Prime Minister Narendra Modi. He said he was 'honoured' to meet Munir and that they discussed the situation arising out of the Iran-Israel conflict. 'The reason I had him here, I want to thank him for not going into the war, ending the war (with India). And I want to thank, as you know, Prime Minister Modi,' he said. 'We are working on a trade deal with India. We are working on a trade deal with Pakistan.' Trump also recalled his meeting with Modi at the White House in February. He said he was 'happy' that 'two very smart people decided not to keep going with that war'. 'That could have been a nuclear war. Those are two nuclear powers, big ones, big, big nuclear powers, and they decided (to end the conflict),' he said. The US President was accompanied at the meeting by Secretary of State Marco Rubio and US Special Representative for the Middle East Steve Witkoff. Munir was joined by Pakistan National Security Advisor Lt Gen Asim Malik, who is also head of the spy agency ISI. Earlier, in his phone conversation with Trump, Modi had told the President that India and Pakistan halted their military actions following direct talks between the two militaries without any mediation by the US. The Pakistan Army, in its statement on the Trump-Munir meeting, said, the 'Chief of Army Staff conveyed the deep appreciation of the government and people of Pakistan for President Trump's constructive and result-oriented role in facilitating a ceasefire between Pakistan and India in the recent regional crisis. The COAS acknowledged President Trump's statesmanship and his ability to comprehend and address the multifaceted challenges faced by the global community.' 'President Trump, in turn, lauded Pakistan's ongoing efforts for regional peace and stability, and appreciated the robust counter-terrorism cooperation between the two states. Both sides reaffirmed their commitment to continued collaboration in the field of counter-terrorism,' it said. 'Discussions also encompassed avenues for expanding bilateral cooperation in multiple domains including trade, economic development, mines and minerals, artificial intelligence, energy, cryptocurrency, and emerging technologies. President Trump expressed keen interest in forging a mutually beneficial trade partnership with Pakistan based on long-term strategic convergence and shared interests,' it said. 'In a gesture reflecting the warmth of bilateral ties, Field Marshal Syed Asim Munir extended an invitation to President Trump, on behalf of the Government of Pakistan, to undertake an official visit to Pakistan at a mutually convenient date'
Indian Express
a day ago
- Business
- Indian Express
The Munir-Trump tango has risks for both the US and Pakistan
The chief of the Pakistan Army has been an honoured guest of the White House on three occasions. The first was General Yahya Khan in 1970 on the eve of the Bangladesh crisis. The second was Pervez Musharraf in 2001 when Pakistan was needed for the US war in Afghanistan. Both also happened to be the president of Pakistan at the time. However, why Field Marshal Asim Munir was invited to lunch by President Donald Trump on June 18 is a bit of a mystery. He is not the head of the government, and as such, protocol would suggest that the head of the US Joint Chiefs of Staff or the Secretary of Defence be his host. Munir was invited to visit the US in early June, and his official five-day visit began on June 15. Why would the great Donald Trump, who, as it is, has an exaggerated notion of his own worth, invite an army chief of a Global South country, whose economy is in shambles, to lunch? The ostensible and somewhat implausible reason was contained in a statement by White House spokeswoman Anna Kelly, who said, 'President Trump will host Field Marshal Munir after he called for the President to be nominated for the Nobel Peace Prize for preventing a nuclear war between India and Pakistan.' Trump himself said in his remarks during and after the lunch: 'The reason I had him here was I wanted to thank him for not going into the war and ending it… This man was extremely influential in stopping it from the Pakistan side. Modi from the Indian side and others. They were going at it, and they are both nuclear countries. I got it stopped.' While there has been no official statement from the White House after the lunch, the Pakistan Army said in a press note that 'President Trump expressed keen interest in forging a mutually beneficial trade partnership with Pakistan based on long-term strategic convergence and shared interests.' There is another shady subtext to the meeting. In April, a deal was reached between a Trump family-owned firm and Pakistan's newly created Crypto Council. A high-profile team of executives travelled from Washington to Islamabad to sign the deal. The team was personally welcomed by General Asim Munir, and a closed-door meeting was held with both Shehbaz Sharif and Munir present. Beyond all this, the Trump-Munir meeting can be seen as a high-stakes diplomatic manoeuvre with implications for US-Pakistan relations, the Israel-Iran conflict, and South Asian stability. No doubt, the immediate impulse to invite Munir came from the India-Pakistan conflict. Note that as the India-Pakistan crisis peaked on the evening of May 9, the US Secretary of State had directly called Munir and obtained a commitment from him for pursuing a ceasefire offering as inducement 'US assistance in starting constructive talks in order to avoid future conflicts.' Other factors were at play here, including a heightened US interest in restoring its close ties with Pakistan. This is evident from the somewhat grandiose statement on June 10 by Lt Gen Michael Kurilla, the chief of the US Central Command (CENTCOM), to the US House Armed Services Committee that Pakistan has been 'a phenomenal partner in the counter-terrorism world'. The Israel-Iran war broke out three days later. In that sense, the visit and the lunch have not been directly connected to the developments in West Asia. But certainly, the lunch would have been an opportunity for the US President to secure Pakistan's neutrality or alignment against Iran. This became an important objective as Israeli strikes have degraded Iran's air defence infrastructure and its nuclear capacity (for now). General Mohsen Rezai, a member of Iran's National Security Council, claimed that Pakistan had promised that it would launch a nuclear strike against Israel if it used such weapons against Iran. This was swiftly denied by Islamabad, though it did express open support for Iran in the confrontation with Israel. Besides this issue, the US is also largely concerned with the fact that Pakistan has a poor record when it comes to its own nuclear proliferation, having set up a clandestine nuclear bazaar in the past. The worries are that rogue scientists (like the late A Q Khan) could be used by Iran to turn the last screw in fabricating their nuclear weapon. The Munir-Trump tango has risks for both the US and Pakistan. Washington cannot be oblivious to the fact that its recent actions in relation to Pakistan will alienate India. From Islamabad's perspective, dalliance with Washington could upset Iran and destabilise its western borders, where there is an ongoing Baloch militancy. Munir was reportedly empowered to discuss Kashmir with Trump, raising concerns in India about US involvement in the dispute. Any US acknowledgement of Pakistan's position will strain US-India ties, though given the situation, the meeting would have focused more on Iran than South Asia. The meeting has taken place against the backdrop of an escalating conflict between Israel and Iran, where Trump has shown clear and strong support for Israel and demanded Iran's 'unconditional surrender'. Pakistan has long been seen as a strategic asset by the US for its location and willingness to go along with the US's security agenda in West Asia and South Asia. Now, after a hiatus, the US is seeking to reinforce those ties. The writer is a Distinguished Fellow, Observer Research Foundation, New Delhi
