Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar declared on July 25 at the Atlantic Council in Washington that Islamabad was “very close” to finalizing a trade agreement with the U.S. He added that a committee appointed by the Prime Minister was currently “fine-tuning” the deal and expected to wrap it up in “just days”.

However, U.S. officials, including Secretary of State Marco Rubio, remained cautious. While both sides emphasized the importance of expanding trade ties—especially in critical minerals, mining, and counterterrorism cooperation—Washington did not confirm any timetable or specific commitments. 

Earlier in July, Pakistan’s Finance Ministry noted productive bilateral talks took place in Washington, with optimism regarding a reciprocal tariff agreement expected to be finalized within a week. These negotiations aim to address the 29% U.S. tariff on Pakistani exports, announced under former President Trump in response to Pakistan’s $3 billion trade surplus. 

Key topics in the talks include textiles, digital trade, agriculture, and potential U.S. investment in Pakistan’s mining sectors. Stroking optimism, Dar praised initiatives to enhance market access both ways. Still, analysts caution that until Washington explicitly confirms terms, the deal remains speculative.