Finance Minister Muhammad Aurangzeb departed for Washington on Monday to take part at the final round of talks under the Pakistan-US trade dialogue which aims to strengthen the economic ties between the two countries.
Based on the Ministry of Finance, the visit is aimed at the finalization of a trade agreement which will expand the exports of Pakistan. Although it is true that the United States remains Pakistan’s largest trading partner however, the government wants to increase collaboration in other sectors like mining resources and information technologies in addition to agriculture.
High-Level Meetings Ahead of Talks
Prior to his departure, Aurangzeb met together with US Charge of Affaires Elizabeth Horst in Islamabad. The two officials discussed the status of bilateral relations as well as the economic relationship. The Finance Minister acknowledged his counterpart in the US for its assistance in helping to ensure Pakistan’s stable macroeconomics particularly in the last 18 months.
Aurangzeb also pointed out positive developments, such as:
- Recent improvements in the sovereign rating of Pakistan’s credit.
- Better investor sentiment
- Access to Middle Eastern capital markets
- Access to Euro and USD-denominated markets
In the response, Horst acknowledged the reforms and the progress made, while and reaffirmed Washington’s determination to build a long-term partnership. The issue is that US official do not yet given a timeframe for the conclusion of the trade agreement that is proposed.
The forthcoming discussions are viewed as essential to Pakistan’s strategy of diversification of trade and to boost confidence among investors in the emerging industries.
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