Skip to content 
Search

Latest Stories

US invited to invest in CPEC: Pakistan

IN an interesting move, cash-strapped Pakistan has invited the US to join the $60 billion China-Pakistan Economic Corridor (CPEC), an ambitious infrastructure project looked with suspicion by the Trump administration for being non-transparent.

Pakistan prime minister Imran Khan's Adviser on Commerce Abdul Razak Dawood on Thursday (27) said the government made the offer during a meeting with the US trade delegation led by Commerce Secretary Wilbur Ross on Wednesday, The Express Tribune reported.


Interestingly last month, senior US diplomat Alice Wells said that there is no transparency in the China-Pakistan Economic Corridor (CPEC) and the firms blacklisted by the World Bank have got contracts under the project, which will increase Pakistan's debt burden.

Wells, the Principal Deputy Assistant Secretary of State for South and Central Asia made the remarks while speaking at a think tank event during her four-day visit to Pakistan.

Khan's commerce advisor Razak said: "The US has shown interest in (Pakistan's) energy, oil and gas, agriculture and food processing".

China has committed to invest over $60bn in Pakistan as part of the CPEC under which it planned to build a number of special economic zones.

India has objected to the CPEC as it is being laid through Pakistan-occupied Kashmir.

The US Commerce Secretary's visit is the result of recently-held discussions between prime minister Imran Khan and President Donald Trump to promote bilateral trade and enhanced economic engagements, the report said.

"Pakistan-US market access is the main point. We want access to the US market," Dawood said, adding that the US official has assured of his cooperation.

Sharing details of the meeting, Dawood said the US officials have also expressed interest in promoting e-commerce.

"They have agreed that the US International Development Finance Corporation would help in developing new businesses in Pakistan. The US secretary is ready to send a commerce delegation for coordination," Dawood said.

He said they discussed bilateral relations and matters of mutual interest, and agreed to enhance mutual trade to a maximum level.

A Free Trade Agreement (FTA) could be a long-term goal because of complexity involved in the process, Dawood said.

CPEC connecting China's Xinjiang with Pakistan's Gwadar port is regarded as the flagship project of the multi-billion dollar Belt and Road Initiative (BRI) which is aimed at furthering China's global influence with infrastructure projects funded by Chinese investments all over the world.

The initiative also led to allegations of smaller countries reeling under mounting Chinese debt after Sri Lanka gave its strategic Hambantota port in a debt swap to China in 2017 on a 99-year lease.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less