Global trade fragmentation creates opportunities for Pakistan, says Aurangzeb

Business Recorder reported that Finance Minister Muhammad Aurangzeb sees new trading openings for Pakistan as international commerce becomes more splintered. Speaking to Channel News Asia from Thailand, he said recent global shifts had pushed Pakistan to look beyond its established partners. He framed the situation as an opportunity born of difficulty.

The United States remains Pakistan's largest trading partner, followed by the European Union, Aurangzeb noted. He pointed to the Gulf Cooperation Council, Central Asian republics and ASEAN as blocs with considerable potential in both directions. He also cited ties with Malaysia and Indonesia, noting that Prime Minister Shehbaz Sharif had visited Malaysia several times and that leaders from both countries had come to Pakistan. The overall goal, he added, is moving ties away from aid and into trade and investment.

Aurangzeb pledged close engagement with both China and the United States, calling China a longstanding strategic partner. He said the initial stage of the China-Pakistan Economic Corridor (CPEC) centred on infrastructure such as roads, ports and power projects, while the second phase aims to convert those assets into business-to-business cooperation, with several ventures already making export products. He also stressed the importance of Gulf countries for trade and remittances, noting that remittances reached $41.6 billion last year and are expected to hit $44 billion this year.