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ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Tuesday highlighted his country’s commitment to strengthening ties with China and reaffirmed a shared vision for regional peace and development during an interaction with Chinese President Xi Jinping at the joint call of the Shanghai Cooperation Organization (SCO) Foreign Ministers in Beijing.

The interaction took place on the sidelines of the SCO Council of Foreign Ministers (CFM) meeting, a key diplomatic gathering aimed at preparing the groundwork for the upcoming SCO Leaders’ Summit later this year. The CFM convened to review progress on multilateral cooperation and set the agenda for endorsement by heads of state.

“Delighted to meet earlier today with President Xi Jinping at the Great Hall of the People in Beijing,” Dar said in a post on social media platform X. “Conveyed the warm greetings of the leadership, government and people of Pakistan. As iron-clad brothers and All-Weather Strategic Cooperative Partners, we remain committed to deepening Pak-China enduring friendship and advancing shared regional goals.”

Islamabad and Beijing are long-time allies and have been jointly working on multibillion-dollar infrastructure, energy and connectivity initiatives under the China-Pakistan Economic Corridor (CPEC), a flagship project of China’s Belt and Road Initiative. The corridor provides China direct access to the Arabian Sea through Pakistan’s Gwadar port, while enabling Pakistan to modernize its infrastructure and strengthen regional trade links.

The foreign office of Pakistan said in a statement released earlier today that President Xi emphasized the importance of regional cooperation under the SCO framework, an organization spanning the Eurasian landmass and representing a significant portion of the global population.
Also present at the conference was India’s External Affairs Minister Subrahmanyam Jaishankar.

The CFM conference comes nearly two months after a tense four-day military standoff between Pakistan and India, during which both sides exchanged missiles, drones and artillery fire before agreeing to a US-brokered ceasefire.

ISLAMABAD: Pakistan is re-engaging with global financial markets, tapping funding from the Middle East and pursuing preferential tariff access with the United States as it works to stabilize its economy and attract fresh investment, Finance Minister Muhammad Aurangzeb said on Tuesday. 

Pakistan has “successfully arranged $1 billion in commercial financing from the Middle Eastern region” and plans to launch an inaugural Panda bond while exploring a Eurobond and other international debt markets as its credit ratings improve, Aurangzeb said during a briefing with the Moody’s rating agency on Tuesday.

“These changes, together with improving macroeconomic indicators and the reform momentum, would be positively acknowledged by rating agencies, further strengthening Pakistan’s case to tap international markets and deepen its external sector stability,” the finance minister said.

The virtual session, attended by the State Bank governor and senior officials, also highlighted “ongoing discussions with the United States on preferential tariff access,” which the minister described as “making encouraging headway.”

The finance team cited key progress under Pakistan’s IMF-backed economic plan. Recent reforms include “prudent fiscal measures” in the new budget, trade and tariff liberalization for export-led growth, and steps to rationalize spending.

Aurangzeb also pointed to signs of recovery, including a sharp drop in inflation, a lower policy rate, a stable exchange rate, a current account surplus and foreign reserves rising above $14 billion by the end of June.

He underlined plans to raise the tax-to-GDP ratio to 13–13.5 percent in the coming years through technology-driven tax administration, digitization and tougher enforcement. 

Under the prime minister’s direct oversight, he said, a “Rs. 2 trillion revenue delta” was achieved this year through “autonomous efforts.”

Despite repeated external and fiscal pressures, Pakistan says it hopes improved ratings and renewed investor confidence will lower borrowing costs and keep the economy on a sustainable path.

“Pakistan is ready to carry forward this journey of resilience, reform, and recovery to unlock long-term, inclusive, and export-oriented economic growth,” Aurangzeb said.