Deputy Prime Minister and Foreign Minister Ishaq Dar has expressed confidence that bilateral trade between Pakistan and the United States can double to $20 billion within five years, a target that would mark a significant leap from the current $9.4 billion figure. Speaking to a delegation of US congressmen and businessmen in Islamabad, Dar framed the economic relationship as the cornerstone of a mature strategic partnership. Main Developments Dar's remarks came during a meeting with US congressmen Ryan Zinke and Michael James Baumgartner, who are visiting Pakistan. The deputy premier noted that the US is Pakistan's largest single-country export destination, with goods trade reaching $9.4 billion in the last fiscal year. “We are confident that we can double bilateral trade to $20bn over the next five years by fully harnessing the complementarity of our economies,” Dar stated. He highlighted that Pakistan remains a major importer of US cotton and is emerging as a market for US hydrocarbons, while American manufacturers have significant opportunities in supplying advanced machinery, technology, and capital goods. Read also: SBP Rate Hold Sparks Division Between Foreign and Local Firms Over 80 US companies currently operate in Pakistan, a presence Dar cited as evidence of confidence in the market. He pointed to an improving macroeconomic outlook, ongoing structural reforms, and competitive US tariffs as factors positioning Pakistan for a new wave of investment. The government has established the Special Investment Facilitation Council (SIFC) to offer a one-window facility for potential investors. Dar called on the delegation to explore opportunities in IT, artificial intelligence, energy manufacturing, critical minerals, and agriculture. He emphasized streamlined regulatory procedures, enhanced transparency, and improved infrastructure as part of efforts to create a business-friendly climate. Competitive incentives are available to facilitate greater US investment, he added. Background The relationship between Pakistan and the US has historically been shaped by security cooperation, but economic ties have gained prominence in recent years. The current trade figure of $9.4 billion reflects a growing but still modest share of Pakistan's overall trade portfolio. Dar expressed gratitude for US support in regional diplomacy, specifically thanking President Donald Trump for facilitating a ceasefire between Pakistan and India after tensions in May 2025. He also acknowledged US trust in Pakistan to mediate the US-Iran conflict, which led to the signing of the Islamabad Memorandum of Understanding in June. The EXIM Bank has already committed $1.25 billion in financing for the Reko Diq project, a major mining venture in Balochistan. Dar described this as a potential first step for many such investments, signaling confidence in the deepening financial relationship. Why It Matters Doubling bilateral trade to $20 billion would represent a transformative shift for Pakistan's economy, which has struggled with balance-of-payments pressures and sluggish export growth. Increased US investment and trade could generate employment, foster innovation, and deliver shared prosperity, according to Dar. The stakes extend beyond economics. Dar argued that a strong Pakistan-US relationship contributes to regional stability and international peace amid global uncertainty. The partnership also positions Pakistan as a key player in US diplomatic efforts, as seen in the Iran mediation. For American businesses, Pakistan offers a growing market for cotton, hydrocarbons, machinery, and technology. The presence of over 80 US companies already operating there suggests a foundation for expansion, particularly in sectors like IT and energy manufacturing where Dar sees significant potential. What's Next Dar expressed hope for continued support from US financial institutions, including the EXIM Bank, the US International Development Finance Corporation, and the US Trade and Development Agency. He encouraged the delegation to engage with the SIFC and explore long-term investments upon returning to the US. Both sides underscored the importance of sustained parliamentary exchanges to foster mutual trust. The visiting congressmen acknowledged the Pakistani diaspora's contributions to the US economy as a vital bridge between the two countries. They also discussed regional and international developments, with the lawmakers appreciating Pakistan's constructive role in promoting peace and stability. The delegation's meetings with Chief of Defence Forces Field Marshal Asim Munir on Monday further signal a multi-layered engagement, with economic collaboration a key focus. The path to the $20 billion target will depend on sustained reform implementation, investor confidence, and continued diplomatic alignment between the two nations.