Washington D.C. – Web Desk: Finance Minister Muhammad Aurangzeb met with a delegation from Honeywell Technologies led by Vice President Barry Glickman in Washington, D.C., to discuss the modernisation and expansion of Pakistan’s refinery sector .
Energy Security and Financing
The finance minister welcomed Honeywell’s proposal, emphasising its potential to “enhance the country’s domestic refining capacity and reduce reliance on imported petroleum products” . The discussions included Honeywell’s technology solutions and potential financing through the US EXIM Bank, the US International Development Finance Corporation (DFC), and leading international banks .
Aurangzeb stated the initiative would “support Pakistan’s energy security, industrial development, and sustainable economic growth” .
Broader Economic Engagement
The meeting follows two days of trade negotiations in Washington, where both countries reported “significant progress” towards a reciprocal trade agreement . The US remains Pakistan’s largest single-country export destination, with total goods and services trade estimated at $10.1 billion in 2024 .
The talks come as Pakistan faces evolving US tariff measures . An earlier proposed 29% tariff on Pakistani goods was reduced to 19% following negotiations, and a subsequent 10% global tariff is set to expire on July 24 . Pakistan is also responding to a Section 301 investigation over alleged labour-related trade practices .
