Pakistan racing against time for a trade deal, minister rushes to US for ‘final’ talks

Pakistan’s Finance Minister Muhammad Aurangzeb has departed for Washington on his second US visit in two weeks to finalise a potential trade agreement, his office confirmed late Monday.

The visit follows Foreign Minister Ishaq Dar’s recent remarks claiming that a deal was “very close” and could be sealed within days. However, the US side, following Dar’s meeting with Secretary of State Marco Rubio, gave no specific timeline.

“A final discussion on the Pakistan-US trade dialogue will take place during the visit,” said Pakistan’s Finance Ministry, adding that both sides stand to benefit from the agreement.

During his earlier trip on July 18, Aurangzeb held “productive trade talks” with US Commerce Secretary Howard Lutnick and Trade Representative Ambassador Jamieson Greer. The ongoing negotiations center on easing reciprocal tariffs and strengthening economic cooperation amid shifting geopolitical dynamics.

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Pakistan currently faces a 29 percent Trump-era tariff on its exports, part of the former president’s trade policy aimed at surplus nations. Islamabad’s trade surplus with the US was around $3 billion in 2024.

To ease tensions and rebalance trade, Pakistan has offered to import more US goods, including crude oil, and to open up its mining sector to American firms. The finance ministry said Islamabad is also looking to diversify trade beyond traditional areas, with growth potential in sectors like IT, minerals, and agriculture.

Ties between the two nations recently received a boost after President Donald Trump hosted Pakistan’s army chief, Field Marshal Asim Munir, at the White House, an unusual high-level military meeting that underscored the influence of Pakistan’s powerful military establishment, often seen as the country’s de-facto decision-maker.

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Given Pakistan’s worsening economic crisis, a trade deal with the US has become increasingly urgent. However, with Islamabad’s limited bargaining power, sealing a strong agreement appears unlikely.