Pakistan PM, Bangladesh chief adviser resolve to strengthen trade and cultural ties

ISLAMABAD: Senior officials from Pakistan and Russia on Tuesday agreed to strengthen cooperation in the face of evolving “terrorism” in Afghanistan and the region, Pakistan’s foreign ministry said in a statement. 

Pakistan and Russia have both struggled with threats from armed militant groups. Islamabad complains about increasing “cross-border” attacks by the banned Tehreek-e-Taliban Pakistan (TTP) that it says originate from Afghanistan, allegations denied by Kabul. 

Russia also faces threats from Daesh militants. On Mar. 22, 2024, a deadly attack at the Crocus City Hall concert venue near Moscow killed over 140 people and injured several. The attack, claimed by Daesh militants, was one of the deadliest in Russia in recent years.

Both sides discussed counter-terror strategies during the 11th meeting of the Pakistan-Russia Joint Working Group to Counter International Terrorism in Moscow on Tuesday. Pakistan’s delegation was led by Special Secretary (United Nations) Nabeel Munir, while the Russian side was led by Deputy Foreign Minister, Sergey Vershinin, for talks that will go on till Wednesday. 

“The two sides held an in-depth exchange of views on the global and regional terrorism landscape, with particular attention to the evolving threat posed by terrorism in Afghanistan and the region,” Pakistan’s foreign affairs ministry said. 

“The discussions focused around the increasingly transnational nature of terrorism and the growing need for adaptive and cooperative strategies.”

The meeting concluded with both sides reaffirming their resolve to strengthen cooperation amid shared challenges posed by militants. The two delegations also recognized that collective efforts remain essential to maintaining regional and global stability, the Pakistani foreign ministry said. 

Both sides decided to hold the working group’s next meeting in 2026. 

Pakistan and Russia held the last meeting of the working group on Nov. 16, 2023, during which Moscow and Islamabad discussed national strategies and measures in combating “terrorism.”

The platform provides both sides an opportunity to share their experiences and best practices in battling militancy.

ISLAMABAD: Finance Minister Muhammad Aurangzeb told Bloomberg this week Pakistan is looking to buy more goods from the US and remove non-tariffs barriers to escape President Donald Trump’s high tariffs.

Pakistan’s government is mulling options, which range from importing crude oil from the US to abolishing tariffs on American imports, as Islamabad attempts to offset a trade imbalance that has triggered higher tariffs from Washington. 

“It’s a bigger canvas that we are looking at in terms of engaging the US,” Aurangzeb said in an interview with Bloomberg News on Monday ahead of the IMF-World Bank spring meetings in Washington. “We will constructively engage, and we will have a formal delegation coming in.”

Pakistan is looking to buy more cotton and soybean from the US, the finance chief said, adding that it is also in talks to tear down non-trade barriers to open its markets to more US products.

“We can also look at if there are any issues with respect to non-tariff discussion, whether there are any onerous inspections at our end for US products, we can obviously view that.”

Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by Trump. While those levies are on hold until July, Pakistan has said it will send a trade delegation to Washington in the coming months to bridge the trade gap. 

The US is Pakistan’s largest export market with over $5 billion in annual exports as of 2024, while Pakistan’s imports from the US are about $2.1 billion.

The finance minister said the country is also open to foreign direct investments from US firms in its recently opened minerals and mining sectors.

Aurangzeb, a close aide of Prime Minister Shehbaz Sharif, is in the US for a nearly week-long trip to participate in the Spring Meetings of the International Monetary Fund and the World Bank. The former JPMorgan Chase & Co. banker said that the crisis-ridden nation will tap the international capital markets to secure more funds for a sustainable growth.

“What we are looking for is how we get away from a boom-and-bust cycle which Pakistan has gone through and get on to a sustainable growth path,” he told Bloomberg. 

Pakistan is preparing to debut its first-ever Panda bond in the range of $200 million to $250 million that will likely take place in the fourth quarter of this year, the minister added.

Authorities are trying to rebuild Pakistan’s tattered economy after it came close to a default in 2023. Last month, the South Asian nation won an initial nod for a $2.3 billion IMF loan that will give it funding visibility until 2027. 

Last week, Fitch upgraded Pakistan’s credit rating, citing confidence that the South Asian country will be able to sustain reforms under the IMF loan program.