Dar says Pakistan 'confident' bilateral trade with US can double to $20bn in next 5 years

Pakistan is poised to significantly expand its trade relationship with the United States, with Deputy Prime Minister and Foreign Minister Ishaq Dar expressing strong confidence that bilateral trade can double to $20 billion within the next five years.

Dar articulated this optimistic outlook while addressing a delegation of U.S. congressmen and businessmen in Islamabad. He emphasized that robust and mutually beneficial economic ties are the true hallmark of a mature strategic partnership. The U.S. currently stands as Pakistan's largest single-country export destination. In the last fiscal year, trade in goods between the two nations reached $9.4 billion. Dar stated, "While encouraging this figure… we are confident that we can double bilateral trade to $20bn over the next five years by fully harnessing the complementarity of our economies."

The deputy premier underscored the reciprocal nature of the Pak-US partnership. Pakistan is a significant importer of U.S. cotton and is increasingly becoming an important market for American hydrocarbons. Furthermore, Pakistan's growing demand for advanced machinery, technology, and capital goods presents substantial opportunities for U.S. manufacturers. Dar pointed to the presence of over 80 U.S. companies operating in Pakistan as a testament to their confidence in the Pakistani market, its people, and its long-term economic potential.

Dar highlighted the government's establishment of the Special Investment Facilitation Council (SIFC) as a "one-window facility" designed to streamline the investment process for potential investors. He encouraged the U.S. delegation to continue collaborating closely with SIFC, emphasizing its readiness to assist in transforming opportunities into successful economic partnerships. He urged the delegation to engage with potential partners, explore new avenues, interact with the government, and initiate discussions for long-term investments that would benefit both countries. Dar also expressed gratitude for past U.S. facilitation of a ceasefire between Pakistan and India and for Pakistan's role in mediating the U.S.-Iran conflict.

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While encouraging this figure … we are confident that we can double bilateral trade to $20bn over the next five years by fully harnessing the complementarity of our economies.