WASHINGTON: In an effort to shield Pakistan from the impact of US President Donald Trump's sweeping tariffs, Minister for Finance and Revenue Senator Muhammad Aurangzeb has revealed that Islamabad is in talks with Washington to dismantle non-tariff barriers and boost trade relations. The move is part of a broader strategy to open Pakistani markets to more American products and secure economic stability.
Speaking to Bloomberg News during his visit to the United States for the spring meetings of the International Monetary Fund (IMF) and the World Bank, Aurangzeb said, “It’s a bigger canvas that we are looking at in terms of engaging the US. We will constructively engage, and we will have a formal delegation coming in.”
He confirmed that Pakistan is exploring ways to increase imports of US goods, particularly cotton and soybeans. The finance minister also noted that Pakistan is willing to review domestic inspection protocols that may serve as barriers to American exports. “We can also look at whether there are any issues with respect to non-tariff discussion, whether there are any onerous inspections at our end for US products — we can obviously view that,” he added.
Aurangzeb disclosed that a Pakistani trade delegation is expected to visit Washington in the coming months to narrow the trade gap and strengthen bilateral economic ties. He also highlighted Pakistan’s plans to launch its first-ever Panda bond — valued between $200 million to $250 million — to attract foreign investment from Chinese capital markets.
Addressing concerns about Pakistan’s economic outlook, Aurangzeb said the government is focused on rebuilding the country’s economy, which narrowly avoided default in 2023. He noted that Pakistan has secured an initial agreement for a $2.3 billion loan from the IMF, providing a financial cushion through 2027. The recent credit rating upgrade by Fitch was also cited as a positive indicator of international confidence in Pakistan’s reform agenda.
On the sidelines of the meetings, Aurangzeb met with World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva. He expressed appreciation for their support and reiterated Pakistan’s commitment to sustainable reforms and economic growth.
