Pakistan aims to double US trade to $20 billion in five years

Pakistan is setting an ambitious target to double its bilateral trade with the United States to $20 billion over the next five years. The nation currently relies on the U.S. for essential imports like cotton, soybeans, and energy products. Simultaneously, Pakistan's expanding need for advanced technology, machinery, and capital goods presents significant opportunities for American businesses.

Deputy Prime Minister and Foreign Minister Ishaq Dar articulated these aspirations during a meeting with a delegation of U.S. Congressmen, including Rep. Ryan Zinke and Rep. Michael Baumgartner, alongside American business leaders in Islamabad. Dar reaffirmed Pakistan's commitment to strengthening its strategic and economic partnership with the U.S. through increased trade, investment, and parliamentary exchanges. The visiting congressmen had previously met with Pakistan's military leadership and Dar to discuss regional security, defense cooperation, and economic ties.

Dar highlighted Pakistan's improving economic indicators and ongoing structural reforms, positioning the country as an attractive investment destination. He pointed to potential in artificial intelligence, critical minerals, energy, manufacturing, and defense sectors. "Trade between Pakistan and the US reached $9.4 billion in the last fiscal year," Dar stated, adding, "Although encouraging, we are confident that by capitalizing on the complementary strengths of our economies, we can double this trade to $20 billion in the next five years."

He welcomed the presence of over 80 American companies in Pakistan, viewing it as a testament to confidence in the market. Dar encouraged U.S. investors to explore opportunities across various sectors, emphasizing a more business-friendly environment due to macroeconomic improvements and reforms. He also acknowledged the U.S. EXIM Bank's $1.25 billion financing for the Reko Diq project as a strong endorsement of Pakistan's economic future. The relationship, Dar noted, continues to gain momentum under the leadership of Prime Minister Shehbaz Sharif and U.S. President Donald Trump.

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Trade between Pakistan and the US reached $9.4 billion in the last fiscal year. Although encouraging, we are confident that by capitalizing on the complementary strengths of our economies, we can double this trade to $20 billion in the next five years.