Washington, D.C. — Minister for Finance and Revenue Senator Muhammad Aurangzeb has announced that Pakistan is aiming to increase its imports from the United States and remove non-tariff barriers to ease trade. The minister made the remarks during his week-long trip to the US, where he is attending the spring meetings of the International Monetary Fund (IMF) and the World Bank.
Speaking to Bloomberg News, Aurangzeb said Pakistan is actively engaging with the US to address non-tariff barriers and open its markets to a wider range of American products. He emphasized that Pakistan’s goal is to constructively engage with the US on trade issues, with a formal delegation expected to visit Washington in the coming months to bridge the trade gap.
“We’re looking at a bigger canvas in terms of engaging with the US,” Aurangzeb stated. He added that Pakistan is particularly keen on importing more cotton and soybeans from the US. The finance minister also mentioned that discussions are underway to address any non-tariff barriers or inspections that may affect US exports to Pakistan.
Furthermore, the finance minister revealed that Pakistan is preparing to debut its first-ever Panda bond, with an expected value between $200 million and $250 million this year. Aurangzeb emphasized that Pakistan is open to foreign direct investment (FDI) from US firms, highlighting the country’s ongoing efforts to attract investment and rebuild its economy after narrowly avoiding a default in 2023.
On the trade front, the finance minister expressed concern over the potential impact of US tariffs on Pakistan’s exports. Earlier this month, US President Donald Trump announced a 90-day pause on tariffs after more than 75 countries, including Pakistan, reached out to negotiate. Trump had previously imposed a 29% tariff on Pakistani exports to the US. Early estimates suggest that reciprocal tariffs could disrupt exportable supplies worth between $500 to $700 million.
Read more: Finance Minister Aurangzeb Engages in Key Meetings at IMF-World Bank Spring Session
In addition to his trade discussions, Aurangzeb held a productive meeting with World Bank Group President Ajay Banga during the spring meetings. He reaffirmed Pakistan’s commitment to achieving sustainable economic stability and expressed gratitude to the World Bank for its support. The finance minister also met with IMF Managing Director Kristalina Georgieva, where he thanked the IMF team 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).
Aurangzeb’s visit highlights Pakistan’s ongoing efforts to rebuild its economy, secure foreign investment, and strengthen its economic ties with global partners.
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