Washington: Pakistan’s Finance Minister, Muhammad Aurangzeb, has highlighted the potential of the country’s mineral resources to help reduce its trade imbalance with the United States. Speaking at the Atlantic Council think tank in Washington on Wednesday, the minister emphasized that the upcoming trade talks between Pakistan and the US, scheduled for next month, would focus on addressing the trade deficit, which he described as the “real issue” in bilateral trade relations.
Aurangzeb pointed out that, rather than focusing solely on the new tariffs imposed by the previous Trump administration, both countries could benefit from Pakistan’s vast mineral wealth. This includes copper, which is in high demand globally due to its critical use in technology and electronics. Pakistan’s reserves of copper and other precious minerals could help meet the global shortage, offering a mutually beneficial solution for both nations.
The finance minister’s remarks follow a minerals conference held in Islamabad earlier this month, where a high-level US delegation participated. During the conference, the potential for cooperation between the two countries in the mineral sector was discussed, with Aurangzeb noting that the mineral resources could play a significant role in enhancing Pakistan’s trade with the US.
Currently in Washington for the annual Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, Aurangzeb also participated in discussions with global leaders, where he underscored the importance of Pakistan’s macroeconomic stability and the role of trade corridors in boosting regional trade. He expressed the government’s commitment to advancing reforms that will foster economic growth and improve international trade relations, with a particular focus on expanding trade with the US.
During the same trip, the finance minister engaged in meetings with institutional investors and multilateral organizations, updating them on Pakistan’s fiscal and economic progress. He also highlighted recent improvements in the country’s credit rating and its efforts to deepen its tax base through technological innovations and reforms.
As Pakistan prepares for the upcoming trade talks, Aurangzeb’s focus on leveraging mineral resources could be a crucial step in addressing the trade imbalance and strengthening economic ties with the United States.
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