By Ali Imran
ISLAMABAD: Pakistan is seeking to expand trade and investment ties with the United States, focusing on increasing imports and reducing non-tariff barriers, Finance Minister Muhammad Aurangzeb said in an interview with Bloomberg News. Aurangzeb stated that Islamabad aims to purchase more US goods, particularly cotton and soybeans, and is open to reviewing regulatory processes that may hinder US exports to Pakistan.
The move is part of Pakistan’s broader strategy to ease tensions over high tariffs imposed during former US President Donald Trump’s administration.
Though the 29% reciprocal tariffs are currently on hold until July, Pakistan is preparing to send a formal trade delegation to Washington in an effort to improve market access and balance trade.
The United States remains Pakistan’s largest export market, accounting for over $5 billion in annual exports as of 2024, while imports from the US total around $2.1 billion.
Aurangzeb also highlighted Pakistan’s openness to foreign direct investment from US companies, especially in the minerals and mining sectors, which have recently been opened to foreign investors.
During his nearly week-long trip, the finance minister reiterated Pakistan’s commitment to long-term economic stability. He emphasised the government’s intention to move away from the cycle of financial crises and pursue sustainable growth.
As part of its broader financing strategy, Pakistan plans to launch its first Panda bond—targeting between $200 million and $250 million—in the fourth quarter of 2025. The country’s economy is recovering from a near-default in 2023. Last month, Pakistan received initial approval for a $2.3 billion loan from the International Monetary Fund (IMF), providing financial support through 2027.
Global credit rating agency Fitch recently upgraded Pakistan’s credit outlook, citing improved economic stability and reform momentum under the IMF program.
Earlier, Amid efforts to stabilise the economy and improve financial indicators, Federal Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to reforms in a meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, The News reported on Tuesday.
During a meeting with the IMF chief on the sidelines of the WB/IMF Spring Meetings 2025 in Washington, FinMin Aurangzeb expressed gratitude for the Staff-Level Agreement on the First Review under the Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).
The meeting comes against the backdrop of the finance czar’s visit to Washington where he is set to hold key meetings having notable significance in relation to the country’s economic revamp efforts.
