ISLAMABAD:
Pakistan and the United States agreed to enhance trade and economic cooperation to foster a mutually beneficial partnership, following a high-level meeting between Finance Minister Muhammad Aurangzeb and US Secretary of Commerce Howard Lutnick on Friday, the finance ministry said.
According to a statement, the Pakistani delegation also met with United States Trade Representative (USTR) Ambassador Jamieson Greer in Washington, DC. The discussions focused on advancing economic engagement, expanding market access, and identifying new avenues for collaboration.
Both sides expressed satisfaction over the progress made in bilateral trade relations — a key pillar of Pakistan-US ties — and reaffirmed their commitment to explore opportunities in traditional and emerging sectors.
Finance Minister Muhammad Aurangzeb meets US Secretary of Commerce Howard Lutnick and US Trade Representative Ambassador Jamieson Greer in Washington on Friday, July 18, 2025. Photo: Ministry of Finance
Aurangzeb stated that the United States remains Pakistan’s largest trading partner, noting Islamabad’s interest in expanding cooperation in sectors such as information technology, minerals, and agriculture.
He said the aim was to diversify trade and investment in ways that serve the economic interests of both nations. The two sides expressed optimism that ongoing trade talks would result in positive outcomes, with technical-level discussions scheduled to conclude in the coming week.
Relations between Islamabad and the Trump administration have seen a notable upswing in recent months, particularly after the US intervened to mediate a ceasefire between Pakistan and India following a four-day conflict in May.
In what observers described as an unprecedented diplomatic gesture, President Trump hosted Chief of Army Staff Field Marshal Asim Munir at the White House last month. During a luncheon in his honour, Trump acknowledged the army chief’s role in de-escalating tensions with India.
Also Read: Business community divided over strike call for Saturday
Last month, Aurangzeb and Lutnick also held a virtual meeting that focused on reciprocal tariffs — part of broader efforts to recalibrate economic ties amid shifting geopolitical dynamics.
Pakistan is seeking relief from the steep tariffs imposed under President Trump’s trade policies, particularly a 29 per cent duty on Pakistani exports to the US.
To offset the trade imbalance — Pakistan registered a $3 billion trade surplus with the US in 2024 — Islamabad has offered to increase imports of US goods, including crude oil, and to provide investment incentives in its mining sector.
In a parallel development, the US Export-Import Bank is currently reviewing financing proposals ranging from $500 million to $1 billion for investment in Pakistan’s mineral wealth, notably the $7 billion Reko Diq copper-gold project.
The two countries also co-hosted a webinar to promote US investment in Pakistan’s minerals sector. The event highlighted opportunities in large-scale extractive projects, including Reko Diq.
