WASHINGTON: Finance Minister Muhammad Auran­gzeb said on Saturday that Pakistan is eager to strengthen its business relationship with the United States, while also seeking ways to address the existing trade imbalance between the two countries.

Speaking at a news briefing at the Pakistan Embassy in Washington, at the conclusion of his visit to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, Mr Aura­ngzeb disclosed that Pakistan has asked China to augment its existing currency swap line by an additional 10 billion yuan (approximately $1.4bn).

Pakistan currently mainta­ins a 30bn yuan swap line with China. “From our perspective, getting to 40bn renminbi would be good,” the minister said.

Explaining Islamabad’s priorities, Mr Aurangzeb emphasised that addressing the trade imbalance with the US was more important for Pakistan than the Trump administration’s proposed tariffs. He noted that President Trump was determined to boost US exports to trading partners as part of his broader trade agenda.

Aurangzeb requests China to boost yuan swap line

Currently, Pakistan exports approximately $5.2bn worth of goods to the US, while imports from the United States stand at around $2bn, creating a surplus of about $3.2bn in Pakistan’s favour. “We are looking at the possibility of addressing this imbalance by importing........

© Dawn Business