Finance Minister Aurangzeb discusses trade framework, EXIM Bank collaboration with US Trade Representative

WEB DESK: Federal Finance Minister Senator Muhammad Aurangzeb held a virtual meeting with US Trade Representative Ambassador Jamieson Greer to review progress on ongoing negotiations aimed at strengthening trade and economic cooperation between the two countries, with discussions also touching on continued collaboration with the US Export-Import Bank (EXIM) to facilitate bilateral trade and investment.

“Recalling the recent discussions in Washington, D.C., the Finance Minister welcomed the steady progress made by the respective negotiating teams and appreciated the constructive engagement that has characterized the dialogue over the time,” the statement posted on X read.

Both sides noted that negotiations on the proposed reciprocal trade framework had advanced significantly and reaffirmed their commitment to concluding the agreement as soon as possible.

Last month, Reuters and Dawn had reported that Pakistan has asked the US for a $10 billion exchange stabilisation facility. The move follows Pakistan’s role in brokering talks over the Iran war, which raised its diplomatic profile and fuelled hopes of economic gains from Washington. Aurangzeb made the request in a letter delivered during a meeting with US Treasury Secretary Scott Bessent, on July 22, a US official had told Reuters, seeking a bilateral facility worth $10 billion with a maturity of up to five years. If approved, it would bolster Pakistan’s reserves, ease pressure on the rupee, and reduce reliance on multilateral lenders even as Islamabad pursues tighter fiscal and monetary policies under its IMF programme. While the US Treasury refused to comment on the matter, there has been no update regarding the request as yet.

Meanwhile the finance minister stressed the importance of maintaining momentum in the talks, given Pakistan’s economic priorities, and said a stronger trade and investment partnership with the US would support the country’s export-led growth strategy, bolster economic resilience, and open up greater commercial opportunities for businesses on both sides. He alsoreiterated the importance of continued engagement with EXIM Bank in facilitating bilateral trade and investment.

“Ambassador Greer acknowledged Pakistan’s continued engagement throughout the negotiations and appreciated the progress made on labour and regulatory reforms, including measures relating to forced labour compliance,” the tweet added. He reaffirmed Washington’s commitment to keeping the momentum in bilateral trade talks and expressed confidence that the remaining issues could be resolved through continued technical-level engagement.

Aurangzeb underlined the importance of close coordination and faster technical discussions to build on the progress made so far. Both sides expressed satisfaction with the headway achieved and agreed to continue working closely to finalise the remaining elements of the framework, with regular engagement planned to conclude the reciprocal trade agreement soon and further cement the longstanding economic partnership between the two countries.

The meeting was also attended by Federal Commerce Secretary Jawad Paul and senior officials from the Office of the US Trade Representative.