Pakistan Eyes $20 Billion US Trade by 2031

Pakistan aims to double bilateral trade with the US to $20 billion by 2031 through stronger economic cooperation, investment, and expanded trade across key sectors.

Pakistan is targeting a significant expansion of its economic relationship with the United States, with Deputy Prime Minister and Foreign Minister Senator Ishaq Dar expressing confidence that bilateral trade could double to US$20 billion by 2031 through stronger commercial cooperation and increased investment.

Dar made the remarks while addressing a visiting US congressional delegation and a high-level American business delegation at the Ministry of Foreign Affairs. The delegation included US Congressmen Ryan Zinke and Michael Baumgartner, who discussed bilateral relations, trade opportunities, and avenues for expanding economic engagement between the two countries.

Welcoming the delegation, Dar described the visit as a reflection of the enduring partnership between Pakistan and the United States. He noted that the US remains Pakistan’s largest single-country export destination, with bilateral trade reaching US$9.4 billion during the last fiscal year. He said the two countries have the potential to more than double this figure over the next five years by leveraging their respective economic strengths.

The deputy prime minister encouraged American companies to explore Pakistan’s improving investment climate and highlighted opportunities across technology, artificial intelligence, energy, manufacturing, agriculture, critical minerals, defence, and other emerging industries. He also emphasised Pakistan’s demand for advanced machinery, technology, and capital goods, while noting that the country remains a major importer of US cotton and soybeans.

Dar highlighted the role of the Special Investment Facilitation Council (SIFC) as a one-window platform established to streamline approvals, coordinate government institutions, and facilitate investment. He encouraged American businesses to engage with the SIFC to convert emerging opportunities into long-term commercial partnerships.

The government, he said, remains committed to providing competitive incentives for foreign investors, including opportunities within special economic zones and technology parks. He also expressed hope that institutions such as the US Export-Import Bank (Ex-Im Bank), the US International Development Finance Corporation (DFC), and the US Trade and Development Agency (USTDA) would continue supporting expanded trade and investment between the two countries.

Dar reiterated Pakistan’s commitment to strengthening cooperation with the US government, investors, businesses, and entrepreneurs while promoting trade in goods and services. He also reaffirmed Pakistan’s support for dialogue and diplomacy as the foundation for regional peace and stability.

The visiting US delegation acknowledged the contribution of the Pakistani diaspora to the American economy and recognised its role in strengthening bilateral ties. Both sides also exchanged views on regional developments and reaffirmed their interest in expanding economic cooperation.