ISLAMABAD: Pakistan and the United States (US) have reaffirmed their commitment to deepening economic ties, the Pakistani commerce ministry said on Tuesday, following a series of high-level meetings in Islamabad aimed at enhancing bilateral trade and investment.
The statement came after a delegation of the US Chamber of Commerce and the US-Pakistan Business Council (USPBC), led by Charles Freeman, met with Commerce Minister Jam Kamal Khan in Islamabad. The delegation was accompanied by US Charge d’Affaires Natalie A. Baker.
Khan welcomed the visit and described it as a step forward in strengthening economic relations between the two nations, acknowledging the USPBC’s pivotal role over the past two decades in fostering commercial engagement between the two sides.
“Pakistan values the United States as its largest export destination and deeply appreciates this strategic trade relationship,” he said. “Efforts are underway to address trade deficit and market access issues through a comprehensive strategy involving relevant stakeholders.”
He noted the recent 90-day pause in reciprocal tariffs, announced last month, between the two countries offered a significant opportunity for “constructive” dialogue and the formulation of a sustainable, mutually beneficial trade roadmap.
US President Donald Trump has imposed a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries. Pakistan faces a 29 percent tariff due to a trade surplus with the US of about $3 billion.
US goods exports to Pakistan were $2.1 billion in 2024, up 4.4 percent ($90.9 million) from 2023, according to US government data. The import of goods from Pakistan to the US totaled $5.1 billion in 2024, up 4.9 percent ($238.7 million) from 2023.
During the meeting, US Charge d’Affaires Baker praised positive developments in bilateral agricultural trade, particularly the resumption of US soybean exports to Pakistan.
“Enhanced cooperation in the cotton sector is also a key area for mutual growth, given Pakistan’s textile industry’s demand for high-quality cotton and the US’s position to meet this demand,” she was quoted as saying.
Kamal assured the US delegation of Pakistan’s commitment to maintaining a predictable, transparent and fair trade environment for American businesses and investors. He reiterated that his government remains dedicated to fostering a strong working relationship with the US on both bilateral and multilateral platforms.
Freeman, the US Chamber of Commerce’s senior vice president, appreciated the Pakistani government’s commitment to facilitating businesses and said they looked forward to continued dialogue and technical cooperation to support economic growth and job creation in both countries.
The visit of the US delegation came at a time when Pakistan is striving to boost trade and foreign investment as it slowly recovers from a prolonged economic meltdown. The South Asian country has pursued aggressive economic diplomacy in recent years, signing several agreements and memoranda of understanding with countries in Central Asia and the Middle East and beyond.
The US delegates later held a meeting with Prime Minister Shehbaz Sharif, who appreciated the USPBC’s role in advancing economic ties between Pakistan and the US.
“My government looks forward to a constructive partnership with the US government, businesses, investors and industrialists to increase bilateral trade and investment in goods and services, especially in the IT sector,” Sharif said, adding that Pakistan’s market was ripe for investment.
“The government of Pakistan is in touch with the US administration on the tariff issue and I hope that a mutually beneficial solution will be found.”
The delegates expressed their “keen interest” in investing in various Pakistani sectors and to benefit from existing opportunities, Sharif’s office said.