Pakistan pursues ‘and-and’ approach to deepen economic ties with China, US: Aurangzeb

Profit by Pakistan Today reported that Finance Minister Muhammad Aurangzeb, speaking to Singapore-based Channel News Asia, wants Islamabad to grow trade and investment with China and the United States together rather than favouring one over the other. He placed this alongside wider outreach to Gulf Cooperation Council members, Central Asian republics and ASEAN economies, which he said could open new trade and investment routes. The minister described a move away from aid toward commercial exchange as the basis of these partnerships.

Turning to China, Aurangzeb said the second phase of the China-Pakistan Economic Corridor will centre on getting more value from infrastructure already built, through business-to-business deals, joint ventures and export-focused manufacturing. He also noted that remittances reached $41.6 billion last year and are projected to rise to $44 billion this year, a rise the report tied to Pakistan's push to strengthen its external position.

At a JP Morgan seminar in Bangkok, the minister cited progress on macroeconomic stabilisation, fiscal consolidation and financing diversification. He pointed to higher revenue collection, sustained primary surpluses, stronger remittances, higher reserves and a current account deficit kept under control. Aurangzeb said Islamabad is replacing costly borrowing with more sustainable financing without raising the overall external debt stock, and he reaffirmed commitment to the IMF programme.