"If we ought to have lasting relationships, and if we ought to break some stereotypes then it is important that we focus on trade. But if there are barriers to trade then obviously they have to be tackled," he said in a reach-out to American experts and intellectuals.
Dr Shaikh said Pakistan does not want to depend on aid for its economic advancement and argued that greater trade access for Pakistan and proper disbursement of U.S. assistance under Kerry-Lugar-Berman program would also help improve America's image in Pakistan.
He noted that both sides need to do a lot of work to improve mutual perceptions.
"There is a perception (in the United States) that a lot of money is going to Pakistan at a time when there is a requirement for fiscal restraint (in Washington) and expenditure cutting at home (U.S.). There we have to come out and explain the facts," he said at a Washington think tank.
"It is largely a myth that Pakistan is a beneficiary of tens of billions of dollars. The truth is that in the Kerry-Lugar-Berman arrangement this year we have not even received $300 million," added the finance minister, who also held economic dialogue with senior U.S. officials at the State Department.
The finance minister said Islamabad believes sustainable development lies in forging international trade and commerce ties.
"We don't want to think of Pakistan as a country that is primarily attempting to simply get foreign assistance."
For its part, Pakistan will facilitate American investment, he said, explaining that the U.S. businesses have historically had profitable investments in Pakistan.
Shaikh faced a number of questions on the lack of progress toward realization of long-delayed preferrential trade access program known as Reconstruction Opportunity Zones at a Press Conference.
He said the administration has promised a date when the bill, which itself has been around in modified shapes for many years, would be reintroduced on Captiol Hill.
The finance minister told APP after holding economic dialogue with senior U.S. officials at the State Department that discussions focused on a combination of things including the promotion of U.S. private sector investments, the use of Kerry-Lugar funds, sharing macro-economic framework of Pakistan and the economic reform efforts Islamabad is making.
"I think this is the new phase of the strategic dialogue and economic plank is the first one. We hope that in the next few weeks and months, in this dialogue other planks will also be covered."
Meanwhile, the United States has pledged to improve materialization of economic assistance for Pakistan as a senior official acknowledged shortcomings in disbursement of funds under the multi-year Kerry-Lugar-Berman program.
"We are very proud of what we have done. We had a chance to discuss what the United States has done in a range of areas, humanitarian support, flood relief, what we are going to be doing on compensation for the flood victims, in terms of energy projects, in terms of rebuilding schools and bridges and other things," said National Security Staff Senior Director for International Economics David Lipton, speaking alongside Dr Shaikh in a post-dialogue media appearance.
"There have been problems, there have been shortcomings. Providing aid and doing projects far away from home is difficult. And we aim to improve our performance as time goes on," he said of assistance under the Kerry-Lugar-Berman Act that will help projects in various areas over a period of five years.
Lipton emphasized that the U.S.-Pakistan relationship is wide-ranging and aimed at welfare of Pakistani people.
"Our relationship has many facets, our economic dialogue has been a very good one. In the two year period we have tried to elevate this dialogue and our cooperation on macro-economic issues and private sector investment provides the way to try to be helpful to the Pakistani people so that the economy can improve so that the livelihood of individual Pakistanis can improve."
"It starts to build trust surplus in place of trust deficit," Lipton remarked.