Pakistan eyes doubling trade with US to $20bn in five years: Dar

Deputy Prime Minister and Foreign Minister Ishaq Dar on Tuesday expressed confidence that Pakistan’s bilateral trade with the United States can be doubled to $20 billion over the next five years, urging American businesses to expand investments in key sectors as Islamabad seeks to strengthen economic ties with Washington.

Addressing a visiting bipartisan US congressional delegation and American business leaders in Islamabad, Dar said bilateral trade in goods reached $9.4 billion during the last fiscal year but remained well below the two countries’ shared potential.

“I am confident that together we can double bilateral trade to $20 billion over the next five years by fully harnessing the complementarities of our economies,” he said.

DPM Dar noted that the United States remains Pakistan’s largest single-country export destination and stressed that stronger trade and investment links would create jobs, foster innovation and generate shared prosperity for both nations.

He said Pakistan remains among the largest importers of US cotton and soybeans while emerging as an important market for US hydrocarbons. At the same time, Pakistan’s growing demand for advanced machinery, technology and capital goods presents significant opportunities for American manufacturers.

Highlighting investment prospects, Dar said more than 80 American companies were already operating in Pakistan, reflecting confidence in the country’s market and long-term economic potential.

He welcomed the visiting US business delegation, saying leading American firms were exploring opportunities in Pakistan’s technology, critical minerals, energy and defence sectors.

Dar said Pakistan’s improving macroeconomic outlook, ongoing structural reforms and competitive US tariffs had positioned the country for a new wave of foreign investment. He encouraged investors to work closely with the Special Investment Facilitation Council (SIFC) to turn business opportunities into long-term commercial partnerships.

The foreign minister said the government had simplified regulatory procedures, reduced bureaucratic hurdles, shortened approval timelines and enhanced transparency to improve the investment climate.

He also highlighted Pakistan’s upgraded transport and logistics infrastructure and said the government was prepared to offer competitive incentives, including through Special Economic Zones and technology parks, to facilitate greater US investment.

DPM Dar welcomed the US EXIM Bank’s $1.25 billion financing for the Reko Diq mining project, describing it as a sign of growing international confidence in Pakistan’s economy and expressing hope that it would pave the way for further American investment.

On bilateral relations, Dar said Pakistan and the United States had every reason to build a stronger partnership based on mutual trust, respect and shared interests. He noted that high-level engagements between the two countries had increased over the past year.

He also reiterated Pakistan’s commitment to dialogue and diplomacy in resolving regional disputes, saying Islamabad would continue supporting efforts aimed at promoting lasting peace, stability and prosperity.

US Representative Ryan Zinke, US Representative Michael Baumgartner, Chargé d’Affaires Natalie Baker and corporate leaders were also present on this occasion.