By Staff Reporter
ISLAMABAD: Finance Minister Muhammad Aurangzeb departed for the United States on Monday to engage in high-level negotiations aimed at sealing a trade pact after months of talks, a move set to deepen economic ties with Washington, a government statement said.
The talks, which kicked off in May, are poised to deliver a comprehensive trade agreement designed to deliver mutual economic benefits for both nations.
The negotiations began with a telephonic conference call in May between Aurangzeb and US Trade Representative Jamieson Greer, focusing on reciprocal tariffs. The two sides agreed to dive into technical discussions shortly thereafter. The dialogue gained momentum after the US proposed a 29% duty on Pakistani exports, a decision it later suspended temporarily. By July, talks in Washington had advanced to their final stage, with Aurangzeb calling the process “very constructive” and underscoring a joint resolve to tackle remaining hurdles and finalize a broad economic framework.
Aurangzeb’s current trip will see him leading wrap-up discussions with senior US officials, including Commerce Secretary Howard Lutnick and Trade Representative Greer. “The aim is to formalize a comprehensive trade agreement expected to yield mutual economic benefits for both nations,” the finance ministry’s statement said. The deal is set to broaden cooperation into non-traditional sectors like information technology, agriculture, and minerals—areas flagged for their substantial growth potential.
The ministry emphasized that strong trade and economic ties form the bedrock of Pakistan-US relations, with the US remaining Pakistan’s top trading partner. Pakistan is pushing to elevate bilateral trade beyond conventional goods, eyeing US investment in key sectors such as energy and mining.
In a related development, United States Chargé d’Affaires in Pakistan Elizabeth Horst met Aurangzeb in Islamabad on Monday, the Finance Division said in a separate release. Horst, recently appointed as acting ambassador by the US State Department on Thursday, took up her role after serving as principal deputy assistant secretary in the Bureau of South and Central Asian Affairs.
“Horst welcomed the economic progress and the government’s reform-driven approach, emphasizing the US commitment to strengthening economic and trade ties with Pakistan,” the press release noted. The meeting provided a platform to discuss shared interests and reaffirm the upward trajectory of bilateral relations.
Aurangzeb expressed gratitude for the US’s longstanding backing of Pakistan’s economic development, singling out its support for macroeconomic stability over the past 18 months. He also hailed the robust momentum in bilateral engagement across multiple sectors. Recalling his recent US visit, he shared highlights from “productive meetings” with Lutnick and Greer in Washington, pointing to tangible progress in deepening trade and economic links.
The finance minister stressed the US’s role as Pakistan’s largest trading partner and outlined Pakistan’s ambition to expand cooperation into new areas. He highlighted information technology, minerals, and agriculture as promising fields for collaboration that could benefit both sides.
Aurangzeb updated Horst on Pakistan’s recent economic strides, including sovereign rating upgrades and a resurgence in investor confidence. He detailed the government’s reform agenda, zeroing in on taxation and energy as critical levers to drive sustainable, long-term growth. He also flagged Pakistan’s recent foray into Middle Eastern capital markets, its plans to issue an inaugural Panda bond, and ambitions to tap euro and US dollar markets down the line.
Horst reaffirmed US support for Pakistan’s ongoing economic and political stability, voicing optimism about building a lasting and strong business partnership. The meeting wrapped up with both sides pledging to capitalize on current momentum to further cement bilateral ties.
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