Talk about potential to enhance country's domestic refining capacity, reduce reliance on imported petroleum products
Finance Minister Muhammad Aurangzeb, met with a delegation of Honeywell Technologies led by its Vice President and General Manager, Barry Glickman, in Washington DC. PHOTO: X
Finance Minister Muhammad Aurangzeb on Tuesday met a delegation from Honeywell Technologies in Washington, DC, where discussions focused on the proposed modernisation and expansion of Pakistan's refinery sector, according to the Ministry of Finance.
The ministry said the finance minister welcomed the proposal, having the potential to "enhance the country's domestic refining capacity and reduce reliance on imported petroleum products".
According to the ministry, the two sides discussed "Honeywell's technology and equipment solutions" as well as "potential financing through the US EXIM Bank, the US International Development Finance Corporation (DFC), export credit agencies, and leading international banks".
The ministry said the finance minister told the delegation the proposed initiative would "support Pakistan's energy security, industrial development, and sustainable economic growth".
Honeywell's delegation was led by its Vice President and General Manager, Barry Glickman.
The round of negotiations came as Islamabad and Washington seek to deepen economic engagement through trade, investment and commercial partnerships.
The US remains Pakistan's largest single-country export destination, while both countries have recently expanded cooperation in areas including investment promotion and critical minerals.
According to the Office of the US Trade Representative, total US goods and services trade with Pakistan was estimated at $10.1 billion in 2024. US goods trade reached $8.7 billion in 2025, with US exports to Pakistan rising to $3.3 billion and imports from Pakistan increasing to $5.4 billion.
Read: Pakistan, US trade talks advance: FO
Business leaders have welcomed the progress in the negotiations, saying a reciprocal trade agreement could improve Pakistani exporters' access to the US market.
The talks also come against the backdrop of evolving US tariff measures affecting Pakistani exports. Earlier this year, the Trump administration proposed a 29% tariff on Pakistani goods before reducing it to 19% following negotiations with Pakistani officials.
Subsequently, the US Supreme Court ruled that the International Emergency Economic Powers Act did not authorise the President to impose broad tariffs under emergency powers. The administration later invoked Section 122 of the Trade Act of 1974 to impose a temporary 10% global tariff for up to 150 days.
Pakistan is also among the countries responding to a Section 301 investigation by the office of the United States Trade Representative over alleged forced labour-related trade practices. Islamabad has submitted detailed responses to the US authorities, including an additional submission ahead of the latest round of negotiations.
The Foreign Office said on July 12 that Pakistan and the United States had made significant progress towards a reciprocal trade agreement after two days of negotiations in Washington, with both sides narrowing differences and building consensus for the pact's early conclusion.
Foreign Office spokesperson Tahir Andrabi had said the negotiations on the Pakistan-United States Agreement on Reciprocal Trade were held on July 9 and 10 in Washington in what he described as a cordial atmosphere.
The negotiations focused on strengthening bilateral trade, facilitating greater commercial cooperation and expanding existing trade between the two countries.
Photographs shared by the foreign office showed officials from both sides posing after the talks. In one image, Paul presented a Pakistan-made football to a US official, highlighting one of Pakistan's leading export industries.